Financial Statements 31.12.2024 XBRL

ANNUAL 
FINANCIAL 
REPORT 
FOR THE YEAR ENDED 
31 DECEMBER 2024 
According to 
Article 4 of the Law 3556/2007

 
Table 
of Contents 
A.
Statements of members of the 
Board of Directors 
B.
Report of the Directors for 
the year ended 31 December 2024 
Attachments to the Report of the 
Directors 
I.
Corporate Governance 
Statement 
II.
Sustainability Statement 
C.
Audit Committee Activity Report 
D.
Financial Statements for 
the year ended 31 December 2024 
I.
Consolidated Financial Statements of the Company 
II.
Financial Statements οf the Company 
E. 
Auditor’s reports 
I.
Ιndependent Auditor’s Report 
II.
Independent Auditor’s Limited Assurance Report on 
Sustainability Statement 

Statements 
of Members of the Board of Directors 
(according to the article 4 par. 2 of the Law 3556/2007) 
We declare that to the best of our knowledge: 
●
 
the annual 
financial statements 
for the 
fiscal year 
ended 31 
December 
2024, which 
have 
been prepared in accordance with the applicable set of accounting standards, honestly and 
accurately reflect 
the assets 
and liabilities, 
the equity 
and the 
annual results 
of operations 
of Eurobank Ergasias Services and Holdings S.A., as well 
as the companies included in the 
consolidation considered as a whole, and 
●
 
the report of 
the Board of 
Directors fairly reflects 
the development 
and performance 
of the 
business and the position of Eurobank Ergasias Services and Holdings 
S.A., as well as the 
companies included in the consolidation considered 
as a whole, along with a description 
of 
the 
main 
risks 
and 
uncertainties 
they 
face. 
The 
sustainability 
statement 
attached 
to 
the 
report 
of 
the 
Board 
of 
Directors 
has 
been 
prepared 
in 
accordance 
with 
the 
sustainability 
reporting standards referred to in Article 154A of 
Law 4548/2018 and with the specifications 
approved pursuant to paragraph 4 of Article 8 
of Regulation (EU) 2020/852 of the European 
Parliament 
and 
of 
the 
Council 
of 
18 
June 
2020, 
establishing 
a 
framework 
to 
facilitate 
sustainable investments and amending Regulation (EU) 
2019/2088. 
Athens, 7 March 2025 
Georgios P. 
Zanias 
I.D. No AI – 414343 
CHAIRMAN 
OF THE BOARD OF 
DIRECTORS
Fokion C. Karavias 
I.D. No ΑΙ - 677962 
CHIEF EXECUTIVE 
OFFICER
Stavros E. Ioannou 
I.D. No A - 00546500 
DEPUTY 
CHIEF EXECUTIVE 
OFFICER 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The directors present 
their report together 
with the financial statements for 
the year ended 31 December 
2024.
General information
Eurobank Ergasias Services and Holdings S.A. (the Company or Eurobank Holdings) is a holding company 
listed on the Athens 
Exchange, owning 100% of the share capital of Eurobank S.A. (the Bank). Eurobank Holdings and its subsidiaries form a group 
(Group), 
consisting 
mainly 
of 
Eurobank 
S.A. 
group, 
that 
being 
the 
Bank 
and 
its 
subsidiaries. 
The 
Company’s 
operations 
principally relate 
to the 
strategic 
planning of 
the 
non-performing 
loans management 
and the 
provision 
of services 
to the 
Group entities and third parties.
Financial Results Review and Outlook 
In 2024, despite the challenging international environment, 
the macroeconomic backdrop 
was supportive in Greece and the 
other 
countries of 
substantial presence. 
The 
Group, 
following 
the 
full consolidation 
of Cyprus’ 
Hellenic Bank 
from 
the 
third 
quarter of 2024, grew the size of its balance sheet, 
expanded further its business and continued its solid performance 
across 
most 
areas. 
It 
enhanced 
its core 
profitability, 
maintained 
its 
resilient 
capital 
position 
and 
asset 
quality, 
strengthened 
its 
liquidity, rewarded 
its shareholders and contributed to the 
economies and the society.
As at 31 December 2024 total assets 
increased by €21.4bn to €101.2bn (Dec. 
2023: €79.8bn), of which €18bn related to Hellenic 
Bank 
group, 
with 
gross 
customer 
loans 
amounting 
to 
€52.3bn 
(Dec. 
2023: 
€42.8bn) 
and 
investment 
securities 
reaching 
€22.2bn (Dec. 2023: €14.7bn). Out of the total loan portfolio, €30.5bn has been originated from Greek operations 
(Dec. 2023: 
€28.1bn), 
€17.4bn 
from 
international 
operations 
(Dec. 2023: 
€10.3bn), of 
which €5.8bn 
related 
to Hellenic 
Bank and 
€4.4bn 
refer 
to 
notes 
from 
securitizations 
of 
loans 
originated 
by 
the 
Group 
(Dec. 
2023: 
€4.5bn). 
Business 
(wholesale 
and 
small 
business) loans stood at €30.9bn 
(Dec. 2023: €25bn) and accounted for 59% of total Group 
loans, while loans to households 
reached €17bn (Dec. 2023: €13.4bn), of which 73% is the mortgage portfolio and the 
rest are consumer loans. Group deposits, 
reached 
€78.6bn 
(Dec. 2023: 
€57.4bn) 
with 
those 
from 
Greek 
operations 
amounting 
to 
€43.3bn (Dec. 
2023: €40bn), 
while 
international operations 
contributed with €35.3bn of which €15.7bn related to Hellenic 
Bank (Dec. 2023: €17.5bn). 
As a result, 
the (net) loan–to–deposit (L/D) ratio stood at 64.8% for the Group (Dec. 2023: 72.3%) 
and at 77.8% for Greek operations (Dec. 
2023: 78.3%). In December 2024, the Group fully repaid its secured borrowing 
under the TLTRO 
III refinancing program of the 
European Central Bank (ECB) (Dec. 2023: €3.8bn). During the year, 
as part of its medium-term strategy to meet the Minimum 
Requirements for 
Eligible Own Funds 
and Eligible Liabilities 
(MREL), the 
Group proceeded 
with the 
issue of €2.3bn in 
senior 
preferred 
notes and €0.3bn in 
Tier II 
notes, thereby 
increasing its total 
debt securities in issue 
to €7.1bn 
(31 December 
2023: 
€4.8bn). 
In 
early 
2025, 
the 
Company 
completed 
the 
issuance 
of 
€0.6bn 
Tier 
II 
notes 
including 
the 
issued 
notes 
of 
€189m 
offered for 
exchange for the Hellenic Bank’s outstanding Tier 2 notes, while the Bank completed an issuance of €350m senior 
preferred 
notes through a private placement 
(notes 4 and 34 of the consolidated 
financial statements). The 
Group Liquidity 
Coverage 
ratio (LCR) 
increased to 188.2% (31 December 2023: 178.6%).
Pre-provision 
Income (PPI) amounted to 
€2,242m or €2,170m 
excluding a) the €99m 
gain arising from 
the acquisition 
of the 
additional 
shareholding 
in 
Hellenic 
Bank 
in 
June 
2024 
and 
b) 
the 
€27m 
estimated 
cost 
for 
contribution 
to 
the 
school 
renovations 
program 
(2023: €1,999m 
or €1,902m 
excluding the 
€111m gain 
on investment 
in Hellenic 
Bank (Cyprus) 
and the 
€14m contribution 
to restoration 
initiatives 
after natural 
disasters). The 
core pre-provision 
income (Core 
PPI) increased 
by 
15.7% year-on-year (or 3.8% excluding €217m related to Hellenic 
Bank) to €2,074m or 
€2,101m excluding the €27m contribution 
as above 
(2023: €1,802m or 
€1,816m excluding the 
€14m contribution as 
above). 
Net interest 
income (NII) 
grew by 
15.3% (or 
1.8% 
excluding 
€295m 
related 
to 
Hellenic 
Bank) 
to 
€2,507m 
(2023: 
€2,174m), 
primarily 
attributable 
to 
the 
Hellenic 
Bank 
consolidation, 
the 
higher 
average 
interest 
rates, 
the 
loan growth 
and 
the 
increased 
positions 
in investment 
bonds 
partly 
offset by higher debt issued and deposits 
cost. Net interest margin (NIM) stood 
at 2.73% (2023: 2.75%) with 
the fourth quarter 
reaching 
2.70%. Fees 
and commissions 
expanded 
by 
22.4% 
(or 13.5% 
excluding €48m 
related 
to Hellenic 
Bank) to 
€666m 
(2023: €544m), of which 
banking fees and commissions by 25.5% (or 
16.5% excluding €40m related to 
Hellenic Bank) to €561m 
(2023: €447m), 
mainly due 
to the 
increased fees 
from 
network 
operations, 
lending activities 
and asset 
management. 
Fees 
and commission over 
assets accounted for 
73bps (2023: 69bps). Operating 
expenses increased by 
18.8% (or 4.8% excluding 
the €127m 
expenses from 
Hellenic Bank) 
to €1,071m excluding 
the €27m 
contribution as 
above (2023: 
€902m, excluding the 
€14m contribution 
as above) 
due to 
the 
higher 
staff costs, 
the 
inflationary 
pressures 
and the 
higher 
IT investments, 
partly 
offset by 
lower 
contributions to 
resolution 
and deposit guarantee 
funds. Costs 
from international 
operations 
amounted to 
€408m (2023: €258m), while in Greece increased by 3% to €663m 
(2023: €644m). The cost to income (C/I) ratio for the Group 
reached 
33%, excluding 
the 
€99m gain 
and the 
€27m contribution, 
as mentioned 
above 
(2023: 32.2%, excluding 
the 
€111m 
gain and 
the 
€14m 
contribution 
as above), 
while 
the 
international 
operations 
C/I 
ratio 
stood 
at 
32.4% 
(2023: 
33.1%). 
The 
respective cost to core income
ratio for 
the Group stood at 
33.8% (2023: 33.2%).
Trading and other 
activities recorded net income of €168m (2023: 
€196m net income) of which a) €84m trading gains mainly 
attributable to fair value changes of derivatives used to hedge 
dynamically the interest rate 
risk of fixed rate loan portfolios 
and non-maturing deposits, including realized 
gains/losses from the 
derivatives’ terminations 
(macro hedging) 
(2023: €86m 
gain), b) €13m gains on sale of 
investment bonds at 
FVOCI net 
of hedging (2023: €57m 
gain) and c) €61m net other 
income, 
including the €99m 
gain on the 
additional investment 
of Hellenic Bank, as mentioned 
above (2023: €68m 
income, including 
the €111m gain on investment 
in Hellenic Bank) (notes 9 and 10 to the consolidated financial 
statements).
During 
the 
year, 
the 
Group’s 
NPE 
formation 
was 
positive 
by 
€222m 
(fourth 
quarter 
2024: 
€47m 
positive), 
(2023: 
€138m 
positive). 
In total, 
the 
Group’s 
NPE stock 
stood at 
€1.5bn, excluding 
the 
€0.2bn NPE 
of Hellenic 
Bank covered 
by the 
Asset 
1
 
Definitions of the selected financial ratios and the source of the financial data are provided in the 
Appendix. 
2
 
Total operating 
expenses divided by total core income.

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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Protection 
Scheme 
(APS) 
(31 
December 
2023: 
€1.5bn) 
driving 
the 
NPE 
ratio 
to 
2.9% 
(31 
December 
2023: 
3.5%). 
The 
loan 
provisions 
(charge), 
excluding the 
€16m impairment 
release 
related 
to project 
Leon, reached 
€319m and 
corresponded 
to 
0.69% 
of 
average 
net 
loans 
(2023: 
€412m 
or 
€345m, 
excluding 
the 
loss 
recorded 
for 
projects 
‘Leon’ 
and 
‘Solar’ 
which 
corresponded to 
0.85% of average 
net loans), while 
the NPE 
coverage 
ratio improved 
to 88.4% (31 
December 2023: 86.4%). 
As a result, “net” NPEs amounted to €177m (31 December 2023: €206m).
Furthermore, 
the Group 
recognized in 2024 
other 
impairments, risk provisions 
and restructuring 
costs amounting to €228m 
(2023: €133m), of which a) €161m cost for 
Voluntary Exit Schemes 
(VES) and related expenses mainly referring 
to the scheme 
that was 
launched in 
February 
2024 for 
eligible units 
in Greece, 
b) €19m 
impairment on 
computer hardware 
and software 
(notes 26 and 28 to the consolidated financial statements), 
c) €21m impairment on real estate properties, 
including the €9m 
remeasurement 
loss upon 
classification 
of the 
subsidiary IMO 
Property 
Investments 
Bucuresti 
S.A. as 
held 
for 
sale, and 
d) 
€12m impairment 
losses on 
investment 
bonds (note 
12 to 
the 
consolidated financial 
statements). 
Moreover, 
it recorded 
an 
additional provision 
of € 10m (€7.1m 
net of tax) in relation 
to the sale 
of a Bank’s former 
subsidiary, previously 
presented as 
a 
discontinued 
operation, 
based 
on 
specific 
indemnity 
clauses 
in 
the 
relevant 
Sale 
Purchase 
Agreement 
(note 
30 
to 
the 
consolidated financial statements). 
The Group’s 
share of associates/JVs results 
amounted to €161m income, of which €133m 
income represents 
the share 
of results 
of Hellenic Bank 
group which 
was accounted 
for as 
an associate 
until 30 June 
2024 
(note 24 
to the 
consolidated 
financial statements). 
In accordance 
with the 
Pillar Two 
legislation, 
effective 
as of 
1 January 
2024, the 
Group has recognized 
a current 
tax expense of €21.6m 
related to the 
top up tax applicable 
on the profits 
earned 
for its operations 
in Bulgaria and Cyprus (note 13 to the consolidated 
financial statements). 
Profit or Loss
Overall, 
in 
2024, 
the 
profit 
attributable 
to 
shareholders 
amounted 
to 
€1,448m 
(2023: 
€1,140m 
profit), 
as 
set 
out 
in 
the 
consolidated income statement. The adjusted net profit, excluding a) the €121m restructuring costs (after tax), mainly related 
to VES, b) the 
€99.5m 
gain arising from 
the acquisition 
of the 
additional 26.28% shareholding 
of Hellenic Bank as 
above, c) 
the €19m 
Bank’s contribution 
(after tax) 
for 
the Greek 
State’s school 
renovations 
program, 
d) the 
€11m impairment 
release 
(after tax) relating 
to the project 
“Leon” and e) the 
€7m net loss from 
discontinued operations, 
amounted to €1,484m (2023: 
€1,256m). The 
contribution of 
international operations 
to the 
adjusted net profit 
amounted to €709m 
(2023: €468m profit), 
including €275m net profit related to Hellenic 
Bank group, which has been fully consolidated from 
the third quarter 
of 2024.
Based 
on 
the 
Group’s 
profits 
for 
2024, 
the 
Basic 
Earnings 
per 
Share 
(EPS) 
reached 
€0.40 
(2023: 
€0.31) 
and 
the 
Return 
(adjusted profit) on Tangible 
Book Value (RoTBV) 
amounted to 18.5% (2023: 18.1%). 
Going forward, the Group pursues its 
key financial objectives outlined in 
the business plan for the period 2025-2027, including 
a) maintaining a sustainable 15% RoTBV in a 
lower interest rates environment, 
following a substantial increase of equity, and 
b) 
generating 
sufficient 
organic 
capital 
to 
support 
business 
growth, 
maintain 
capital 
buffers, 
reward 
shareholders 
by 
increasing the dividend payout ratio from 30% in 
2024 to 
50%, subject to 
regulatory approval, over the next years and finance 
strategic initiatives, 
mainly through the 
following initiatives 
and actions:
a)
Maintain 
high 
NII 
mainly 
driven 
by 
the 
organic 
loan 
growth 
in 
all 
three 
core 
markets 
and 
across 
segments 
(households 
and 
business) 
and 
the 
increase 
in bond 
positions, 
which 
may 
offset 
the 
pressures 
from 
the 
ongoing 
decrease in ECB rates, 
the increasing 
competition for 
good quality corporate 
customers, and the 
issuance of MREL 
eligible senior and Tier II notes,
b)
Strengthening core 
markets presence 
and increasing earnings and volumes 
contribution by international 
activities, 
which will 
be further 
enhanced by 
the 
full consolidation 
of Hellenic 
Bank in 
Cyprus for 
the 
full year 
from 
2025 (six 
months in 2024) and its planned merger with Eurobank Cyprus (subject to customary approvals) which will allow the 
synergies realization 
over the 
next years,
c)
Growth 
of fee 
and commission 
income in 
a number 
of fee 
business segments 
such as 
new lending, 
network, asset 
management, bancassurance 
and wealth management activities,
d)
Initiatives 
for 
pursuing further 
operating 
efficiency, 
cost containment 
of “run 
the 
bank” activities, 
and proceeding 
with further simplification and digitalization in 
Greece and abroad, maintaining 
the annual increase of 
the operating 
expenses 
at 
a 
mid-single 
digit 
%, 
considering 
the 
higher 
staff 
costs 
including 
the 
talent 
retention 
cost, 
the 
inflationary pressures, and the 
“grow the bank” needs 
including higher IT investments,
e)
Maintaining low NPE ratios in 
all core markets in which the 
Group has a presence, which 
may be challenged mainly 
by the high interest rates 
burden on households’ disposable income 
and corporate profit margins, 
f)
Major transformation 
initiatives introduced 
in the context of the Group’s 
transformation 
plan “Eurobank 2030”,
g)
Support the 
green transition 
and financial inclusion 
through the 
further 
implementation of 
the Environment, 
Social 
and Governance (ESG) criteria 
in all Group’s activities and processes.
The 
geopolitical and 
macroeconomic 
risks, including 
the 
sustained - 
albeit easing 
- inflationary 
pressures, 
set a 
number of 
challenges 
to 
the 
achievement 
of 
the 
Group’s 
2025-2027 
Business 
Plan, 
mainly 
related 
with 
growth 
potential, 
lending 
margins, 
deposit 
rates, 
asset 
quality 
and operating 
cost. 
The 
headwinds 
coming 
from 
the 
geopolitical 
upheaval 
and 
the 
macroeconomic environment 
are likely to be mitigated by:
a)
The efficient mobilization 
of the EU funding, mainly through 
the Recovery 
and Resilience Facility (RRF),
b)
The substantial pipeline of new 
investments,
c)
The decrease of the 
unemployment rate 
in 2025 at single digit levels in Greece, 
close to historical lows,
d)
The positive developments 
in the tourism sector and the strong 
investment inflows, 

 
 
 
 
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e)
The upgrade of the Greek sovereign to investment grade by four out 
of the five Eurosystem-approved External Credit 
Assessment Institutions, 
f)
The growth 
of GDP in our core markets at levels 
higher that EU average.
(see also further information 
in the section “Macroeconomic 
Outlook and Risks”)
Capital adequacy
As 
at 
31 
December 
2024, 
the 
Group’s 
Total 
Regulatory 
Capital 
amounted 
to 
€9.8bn 
(31 
December 
2023: 
€8.4bn) 
and 
accounted for 
19.5% 
(total CAD) 
of Risk 
Weighted 
Assets (RWA) 
(Dec. 2023: 
19.4%), 
compared to 
the 
CAD Overall 
Capital 
Requirements (OCR) 
ratio of 15.16%. 
Respectively, the 
Common Equity Tier 1 (CET1) stood at 16.8% of RWA (Dec. 2023: 16.9%) 
compared to the 
CET1 OCR ratio 
of 10.41% or 
12.45%, including the 
Additional Tier 
1 (AT1) 
capital shortfall. 
Pro-forma 
for the 
accrual 
for 
dividend 
distribution 
from 
financial 
year 
2024 
profits 
(subject 
to 
regulatory 
approval), 
the 
completion 
of 
the 
project “Solar”, as well as 
the confirmation by ECB of 
the significant risk transfer (SRT) recognition for the “Leon” loan portfolio 
and a new synthetic securitization 
(project “Wave 
VI”) (note 20 of the consolidated financial 
statements), the total 
CAD and 
CET1 ratios would be 
18.5% and 15.7% respectively. 
As at 31 December 
2024, the 
Bank’s MREL ratio 
at consolidated 
level stands 
at 28.22% of RWAs 
(Dec. 2023: 24.91%), 
higher 
than the interim non-binding MREL target of 25.62%, 
which is applicable from January 2025. Pro 
-forma with the completion 
of the 
project 
“Solar”, 
projects 
“Leon” 
and “Wave 
VI”, the 
accrual for 
dividend distribution 
from 
financial year 
2024 profits 
(subject 
to regulatory 
approval) 
and for 
the 
new 
issuances 
of the 
Company and 
the 
Bank in 
early 
2025 
(see 
above), 
the 
Bank’s MREL ratio at consolidated 
level stands at 29.37% 
(note 4 to the consolidated financial statements).
Project “Wave”
In the 
context of the 
Group’s 
initiatives for 
the optimization 
of its regulatory 
capital, in July 
2024 the 
Bank proceeded 
with 
the execution of another 
synthetic risk transfer 
transaction (project “Wave 
V”) in the form of a financial guarantee, providing 
credit protection 
over the 
mezzanine loss of 
a portfolio 
of performing 
SME and Large Corporate 
loans amounting to €1.1bn, 
which resulted in a capital benefit of 
25 bps to Eurobank Holdings Group’s CAD ratio. In addition, in December 2024, another 
synthetic risk transfer transaction 
was executed (project “Wave VI”), in the form of credit linked notes (“CLN”), where the Bank 
issued a 
CLN of 
€80m that 
provides 
credit protection 
over 
the mezzanine 
loss of a 
portfolio 
of performing 
SME and 
Large 
Corporate loans amounting to €1.1bn. The Wave 
VI transaction is expected to contribute 18bps 
to Eurobank Holdings Group’s 
CET1 ratio.
Pursuant to the Regulation (EU) No 575/2013 
(CRR), the deferred tax assets (DTAs) that rely on future profitability and exceed 
certain limits 
shall be 
deducted in the 
calculation 
of the 
CET1 capital. 
This deduction 
should be 
applied gradually 
by 2025. 
The enactment of the article 27A of Law 
4172/2013, as in force, provided for the Greek credit institutions that the eligible DTAs 
are accounted on a) the losses from the Private Sector Involvement 
(PSI) and the Greek State Debt Buyback Program and b) 
on the 
sum of (i) 
the unamortized 
part of the 
crystallized loan losses 
from write-offs 
and disposals, (ii) 
the accounting 
debt 
write-offs and (iii) the remaining accumulated provisions and other losses in general due to credit risk recorded up to 
30 June 
2015 and can 
be converted 
into directly 
enforceable 
claims (tax credits) 
against the 
Greek State, 
provided that 
the Bank’s 
after tax accounting 
result for 
the period 
is a loss. 
This legislative 
provision 
enabled the 
Greek credit 
institutions, including 
the 
Bank, not 
to deduct 
the 
eligible DTAs 
from 
CET1 capital 
but recognise 
them 
as a 
100% weighted 
asset, with 
a positive 
effect on the 
capital position. 
A potential 
change in 
the 
regulatory 
treatment 
of eligible 
DTAs 
as tax 
credits 
may have 
an adverse 
effect 
in the 
Group’s 
capital position. 
As 
at 
31 
December 
2024, 
the 
Bank’s 
eligible 
DTAs 
for 
conversion 
to 
tax 
credits 
(DTC) 
amounted 
to 
€3,022m 
(Dec.2023: 
€3,212m), standing at 36% of CET 1 capital as of 31 December 2024 (note 4 and 13 to the consolidated 
financial statements). 
In line with the 
Bank's initiative 
to enhance the 
quality of its regulatory 
capital, the 
amortisation of DTC 
will be accelerated 
for regulatory purposes starting from 
2025, aiming at its elimination by 2033.
2024 Cyber Resilience Stress Test 
During the first half of 
2024 ECB conducted a 
cyber resilience stress test on 109 directly supervised banks, 
including Eurobank. 
The 
aim of 
the 
exercise 
was to 
assess how 
banks respond 
to and 
recover 
from 
a cyberattack, 
rather 
than 
their 
ability to 
prevent 
it. 
In 
particular, 
under 
the 
stress 
test 
scenario, 
the 
cyberattack 
succeeds 
in 
disrupting 
banks’ 
daily 
business 
operations. Banks then 
tested their response and recovery 
measures, including the activation 
of emergency procedures 
and 
contingency plans and the restoration 
of normal operations. ECB assessed the 
extent to which banks can cope under such a 
scenario.
This 
stress 
test exercise 
does not 
have 
an impact 
on capital 
through 
the 
Pillar 2 
guidance 
(P2G), which 
is a 
bank-specific 
capital 
recommendation 
on 
top 
of 
the 
binding 
capital 
requirements. 
The 
results 
of 
the 
exercise 
feeds 
into 
the 
2024 
Supervisory 
Review 
and 
Evaluation 
Process 
(SREP) 
performed 
by 
the 
ECB. 
Overall, 
Eurobank 
demonstrated 
a 
very 
good 
performance in the 
exercise. 
3
The ‘Overall 
capital requirement (OCR) is the sum of the total SREP capital requirement (TSCR) and the combined buffer requirement 
(CBR).

 
 
 
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2025 EU - wide stress test 
The EU-wide 
stress test exercise 
is carried 
out on a sample of banks 
covering broadly 
75% of the 
banking sector in the 
euro 
area, each non-euro area EU Member 
State and Norway, as expressed in terms of total 
consolidated assets as of end 2023. 
To be included in the 
sample, banks have to have a minimum of EUR 30 bn total assets. 
As per the 2025 EU-Wide Stress Test 
Methodological Note (published on 11 November 
2024, footnote 92), Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
has 
been 
excluded 
from 
the 
sample 
of 
the 
EU-wide 
stress 
test 
exercise 
because 
of 
a 
major 
acquisition (Hellenic Bank).
Initiation of the merger 
process between 
Eurobank Ergasias 
Services and Holdings S.A. and Eurobank 
S.A
On 18 December 2024, the Board of Directors of Eurobank Holdings 
decided the initiation of the merger 
process of Eurobank 
Holdings with 
the 
Bank through 
absorption of 
the 
former 
by the 
latter, 
in order 
that operational 
efficiencies 
and a 
leaner 
group structure 
be achieved. 
The merger 
is not expected 
to have 
any material 
effect 
on the 
Group’s 
financial position 
and 
will be completed subject to all necessary by Law approvals 
(note 23.3 to the consolidated financial statements).
International Operations
The Group has a significant presence in three countries apart from Greece. In 
Cyprus, Eurobank Cyprus Ltd (Eurobank Cyprus) 
and Hellenic 
Bank Public 
Company Ltd (Hellenic 
Bank) (see 
below) operate 
in total 
a network 
of 71 
branches, 
business and 
private banking centres. Specifically, Eurobank Cyprus has five main pillars of business namely, Wealth 
& Asset Management, 
Corporate & 
Investment Banking, 
International Business 
Banking, Affluent Banking 
and Global Markets, 
while Hellenic Bank 
group provides a wide range of banking and financial services, which include financing, investment, insurance, custodian and 
factoring 
services. 
In 
Luxembourg, 
Eurobank 
Private 
Bank 
Luxembourg 
S.A. 
in 
parallel 
to 
its 
operations 
in 
Luxembourg, 
operates 
a branch 
in London 
and in 
Athens, 
and offers 
products 
and services 
in Private 
Banking, Wealth 
Management 
& 
Investment Fund Services, as well 
as selected Corporate Banking services. In Bulgaria, Eurobank 
Bulgaria AD (Postbank), is a 
fully fledged multi 
service bank, 
holding strong 
positions in retail 
and wholesale banking, 
offering 
a wide range 
of products 
and services, through a network 
of 200 branches and business centres.
The Company’s subsidiaries operate 
with transparency, 
build credibility, and apply modern corporate 
governance practices. 
A customer centric approach has been 
adopted and they are constantly 
evolving and adapting to a 
demanding environment 
and aiming at a sustainable development.
International 
activities 
are 
on 
a 
Transformation 
orbit 
for 
advancing 
the 
technological 
capabilities 
with 
state-of-the-art 
systems and implementation 
of cutting-edge digital services, 
aiming to meet the 
demanding needs of our clients 
and excel 
customer experience. 
International activities are a core 
competitive advantage for the Group, with significant 
contribution to its 
results. Their vision 
and strategy 
ensure 
responsiveness 
to challenges, 
growth 
and profitability 
while 
promoting 
sustainable 
prosperity 
in the 
local communities, creating value for their 
clients, employees, shareholders, 
and the society at large. Furthermore, 
the Group 
is reviewing the 
potential of expanding to new markets, aiming to boost business 
growth via attracting 
new clients.
Hellenic Bank Public Company Ltd, Cyprus (“Hellenic Bank”)
Hellenic 
Bank Public 
Company Ltd 
(“Hellenic 
Bank”) a 
financial 
institution 
based 
in Cyprus 
and listed 
in the 
Cyprus 
Stock 
Exchange was accounted for as a Group’s associate under the 
equity method from April 2023 until 30 June 2024 (note 24 to 
the 
consolidated 
financial 
statements). 
As 
a result 
of the 
agreements 
the 
Bank 
had entered 
into with 
certain 
of Hellenic 
Bank’s 
shareholders 
since 
August 
2023, 
on 
4 
June 
2024, 
the 
Bank 
announced 
that, 
following 
the 
receipt 
of 
the 
relevant 
regulatory 
approvals, 
acquired 
an additional 
26.1% 
holding 
in Hellenic 
Bank (“Transaction”) 
for 
a total 
consideration 
of € 
275.7m. 
Following 
the 
aforementioned 
Transaction, 
pursuant to 
the 
Takeover 
Bids Law 
of 2007 
of the 
Republic of 
Cyprus, 
L.41(I)/2007 as amended 
(“Law”), the 
Bank also announced 
the submission 
of a Mandatory 
Takeover 
Bid (“Takeover 
Bid”) to 
all 
shareholders 
of 
Hellenic 
Bank 
for 
the 
acquisition 
of 
up 
to 
100% 
of 
the 
issued 
share 
capital 
of 
Hellenic 
Bank. 
The 
consideration 
offered 
by the Bank was €2.56 
per share, paid in cash 
to all the shareholders 
who would accept the 
Takeover 
Bid during the period 
from 1 July until 30 July 2024. 
Furthermore, within 
June 2024 the 
Bank proceeded with 
the acquisition 
of an additional 0.18% holding in Hellenic 
Bank, for a total 
consideration of € 2m, i.e at 
a price of € 
2.56 per share. Accordingly, 
as of 30 June 2024 the Bank’s participation percentage 
in Hellenic Bank reached 55.48%. 
Despite being the 
holder of 
over 
50% of Hellenic 
Bank’s shares, until 
the expiration 
of the 
Takeover 
Bid acceptance 
period, 
and pursuant to the Law, Eurobank 
as the offeror, 
its nominees and persons acting in concert with it could not be appointed 
to the 
Board 
of Directors 
of Hellenic 
Bank, nor 
they 
could exercise, 
or procure 
the 
exercise 
of, 
the 
votes 
attaching to 
any 
shares they held in Hellenic Bank. In addition, during the 
period when they 
became aware that a bid was imminent and until 
expiration 
of 
the 
Takeover 
Bid 
acceptance 
period, 
the 
Board 
of 
Directors 
of 
Hellenic 
Bank 
could 
not 
without 
prior 
authorization 
of the 
general 
meeting of 
shareholders, 
take any 
action which 
could result 
in the 
frustration 
of the 
Takeover 
Bid. 
On 30 July 
2024, the 
acceptance period 
for the 
Takeover 
Bid expired, therefore 
the restrictions 
imposed by the 
Law on the 
Bank’s ability to exercise 
its voting rights 
no longer applied, 
and Eurobank 
since then 
has been able 
to exercise 
its rights in 
full. Based on the above and considering the relevant provisions of the Cyprus’ legal framework including the Companies Law 
Cap. 113, and Hellenic Bank’s articles of association in relation to the 
exercise of shareholders’ 
rights, including the timing for 
convening a general 
meeting of the shareholders, 
it was assessed that the Group acquired 
control over 
Hellenic Bank group 
within July. Accordingly, 
Hellenic Bank and its 
subsidiaries were included in the Company’s consolidated financial statements 
from the 
beginning of 
the 
third quarter 
of 2024 
using the 
most recent 
available published 
information. 
On 7 
August 2024, 

 
 
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the Bank 
announced that 
after the 
final review 
of the 
Acceptance and 
Transfer 
Forms, the 
total percentage 
of acceptance 
of the 
Takeover 
Bid reached 
0.481%, 
giving Eurobank 
total participation 
of 55.962% 
in the 
issued share 
capital of 
Hellenic 
Bank. 
Furthermore, 
in 
November 
2024, 
the 
Bank 
announced 
that 
it 
has 
entered 
into 
share 
purchase 
agreements 
with 
certain 
shareholders 
of the 
Hellenic Bank, 
pursuant to 
which, it 
has agreed 
to acquire 
an additional 
total holding 
of 37.51% 
in the 
entity 
for 
a 
total 
consideration 
of 
ca. 
€ 
750m, 
corresponding 
to 
€ 
4.843 
per 
share. 
As 
of 
31 
December 
2024, 
the 
above 
transactions 
were 
subject 
to 
regulatory 
approvals 
and 
upon 
their 
completion, 
Eurobank’s 
total 
holding 
in 
Hellenic 
Bank 
reaches 93.47%. 
Moreover, 
in accordance 
with 
the 
provisions 
of the 
Takeover 
Bids Law 
of 2007 
in Cyprus 
(“Law”), 
the 
Bank, following 
the 
completion 
of 
the 
above-mentioned 
transactions 
has 
the 
obligation 
to 
proceed 
to 
a 
tender 
offer 
for 
the 
remaining 
outstanding shares 
of Hellenic Bank 
for at 
least the 
same price 
i.e. € 4.843 
per share, 
whereas pursuant 
to Article 36 
of the 
same law 
it is able, 
after completion 
of the 
said tender 
offer 
and given that 
it will hold 
more than 
90% votes, 
to require 
all 
the 
holders 
of the 
remaining 
securities to 
sell those 
securities. On 
those grounds, 
the 
Bank announced 
in November 
2024 
that it will exercise 
its squeeze-out right to acquire any outstanding shares 
of Hellenic Bank and take all necessary 
steps for 
the delisting of Hellenic Bank's shares from 
the Cyprus Stock Exchange.
More recently, 
on 11 
February 
2025, the 
Bank announced 
that following 
the 
receipt 
of the 
relevant 
regulatory 
approvals, 
it 
completed the acquisition of the additional holding of 37.51% 
in Hellenic Bank, as per the aforementioned 
agreements of the 
Bank with certain of Hellenic Bank’s. shareholders. 
Following that 
and pursuant to the provisions 
of the Takeover 
Bids Law in 
Cyprus, the Bank also announced the submission of a Mandatory Takeover 
Bid for the acquisition of up to 100% of the issued 
share capital of Hellenic Bank (“Takeover 
Bid”). Further to the 
above, on 6 March 2025 the 
Bank announced that on 5 March 
2025 the 
Cyprus Securities and 
Exchange Commission 
(the “CySEC”) 
approved 
the Takeover 
Bid Document 
and authorised 
its publication. Pursuant 
to the Takeover 
Bid Document, the 
consideration 
offered 
to the shareholders 
of Hellenic Bank who 
will accept the 
Takeover 
Bid is € 4.843 per 
share paid in cash. 
The acceptance 
period of the 
Takeover 
Bid commences on 
11 
March 2025 and ends on 9
th
 
April 2025.
Detailed information in relation to Hellenic Bank 
acquisition is provided in note 23.2 
to the consolidated financial statements.
Risk management 
The 
Group 
acknowledges 
that 
taking risks 
is an 
integral 
part of 
its operations 
in order 
to achieve 
its business 
objectives. 
Therefore, 
the Group’s 
management sets adequate 
mechanisms to identify 
those risks at 
an early stage and 
assesses their 
potential impact on the achievement 
of these objectives.
Due 
to 
the 
fact 
that 
economic, 
industry, 
regulatory 
and 
operating 
conditions 
will 
continue 
to 
change, 
risk 
management 
mechanisms are 
set in 
a manner 
that enable 
the Group 
to identify and 
deal with 
the risks 
associated with 
those changes. 
The Group’s 
structure, internal 
processes and 
existing control 
mechanisms ensure 
both the 
independence principle 
and the 
exercise of sufficient supervision.
The Group's Management 
considers effective 
risk management as a top priority, as well 
as a major competitive advantage, 
for 
the 
organization. 
As 
such, 
the 
Group 
has 
allocated 
significant 
resources 
for 
upgrading 
and 
maintaining 
its 
policies, 
methods and 
infrastructure 
up to date, 
in order 
to ensure 
compliance with 
the requirements 
of the 
European Central 
Bank 
(ECB) 
and 
of 
the 
Single 
Resolution 
Board 
(SRB), 
the 
guidelines 
of 
the 
European 
Banking 
Authority 
(EBA) 
and 
the 
Basel 
Committee 
for 
Banking 
Supervision 
as 
well 
as 
the 
best 
international 
banking 
practices. 
The 
Group 
implements 
a 
well-
structured credit 
approval process, 
independent credit reviews 
and effective 
risk management policies 
for all 
material risks 
it 
is 
exposed 
to, 
both 
in 
Greece 
and 
in 
each 
country 
of 
its 
international 
operations. 
The 
risk 
management 
policies 
implemented by the Group 
are reviewed 
on a regular basis.
Risk 
culture 
is 
a 
core 
element 
of 
the 
organisation. 
Risk 
management 
function 
provides 
the 
framework, 
procedures 
and 
guidance to enable all 
employees to proactively 
identify, manage 
and monitor the 
risks in their 
own areas and improve 
the 
control and co-ordination of risk 
taking across their business. Ongoing 
education, communication and awareness takes place 
via dedicated 
learning programs, 
monthly meetings, 
sharing of 
best practices 
and other 
initiatives. 
The 
Group 
has also 
a 
policy in place to address any risks associated with the 
introduction, significant modifications 
and periodic monitoring of its 
products and services.
The 
amount of 
risk which 
the 
Group 
is willing 
to assume 
in the 
pursuit of 
its strategic 
objectives 
is articulated 
via a 
set of 
quantitative 
and 
qualitative 
statements 
for 
risks 
assessed 
as 
material, 
that 
are 
described 
in 
the 
Group’s 
Risk 
Appetite 
Framework. 
The objectives are to support the 
Group’s business growth, 
balance a strong capital position with higher 
returns 
on equity and to ensure 
the Group’s 
adherence 
to regulatory requirements. 
The Risk Appetite, 
that is clearly communicated 
throughout 
the 
Group 
determines 
risk culture 
and forms 
the 
basis on 
which risk 
policies 
and risk 
limits are 
established 
at 
Group and regional level. Aiming to identify relevant and material 
risks the Bank maintains a well-defined Risk Identification 
and Materiality 
Assessment (RIMA) 
Framework. 
The 
identification and 
the assessment 
of all risks 
is the 
cornerstone 
for the 
effective 
Risk Management. The 
Group aiming to ensure 
a collective view 
on the risks linked 
to the execution of 
its strategy, 
acknowledges the new 
developments at an early stage and assesses the 
potential impact.
The 
Board Risk 
Committee (BRC) 
is a 
committee of 
the Board 
of Directors 
(BoD) and 
its task 
is to advise 
and support 
the 
BoD regarding 
the monitoring of 
Group’s 
overall 
actual and future 
risk appetite and strategy, 
taking into account all 
types 
of risks to 
ensure that 
they are 
in line with 
the business 
strategy, 
objectives, corporate 
culture and values 
of the 
institution. 
The BRC 
assists the 
BoD in overseeing 
the implementation 
of Group’s 
risk strategy 
and the 
corresponding limits 
set. It also 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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oversees the 
implementation of the strategies 
for capital and liquidity risk management as well as for 
all material risks, such 
as credit, 
market, IRRBB, 
sustainability risks and 
non-financial risks 
such as 
operational, 
reputational 
conduct, legal, 
cyber, 
outsourcing, 
in order 
to assess 
their 
adequacy against 
the 
approved 
risk appetite 
limits. The 
BRC consists 
of five 
(5) non-
executive directors, 
meets at least 10 
times per year 
and reports to the 
BoD on a quarterly 
basis and on ad hoc instances 
if 
it is needed.
The Management 
Risk Committee (MRC) is a management 
committee established by the 
Chief Executive Officer 
(CEO) and 
its main 
responsibility 
is to 
oversee 
the 
risk management 
framework 
of the 
Group. 
As part 
of its 
responsibilities, 
the 
MRC 
facilitates report 
ing to the 
BRC on the 
range of risk-related 
topics under its 
purview, 
including sustainability risks. The 
MRC 
proactively 
supports 
the 
Group 
Chief 
Risk 
Officer, 
Chairman 
of 
the 
MRC, 
to 
identify 
material 
risks, 
in 
addition 
to 
those 
identified independently 
by the 
Group 
CRO and 
the 
Group Risk 
Management, and 
to promptly 
escalate 
them 
to the 
BRC 
and assists the Group CRO in ensuring that the necessary policies and procedures 
are in place to prudently manage risk and 
to comply with regulatory requirements.
The 
Group’s 
Risk Management 
which is 
headed by 
the 
Group Chief 
Risk Officer 
(GCRO), operates 
independently from 
the 
business units and is 
responsible for 
the identification, 
assessment, monitoring, measurement 
and management of the 
risks 
that 
the 
Group 
is exposed 
to. It 
comprises the 
Group 
Credit (GC), 
the 
Group 
Credit Control 
(GCC), the 
Group 
Credit Risk 
Capital Adequacy Control 
(GCRCAC), the 
Group Market 
and Counterparty 
Risk (GMCR), the 
Group Operational 
and Non-
Financial 
Risks 
(GONFR), 
the 
Group 
Model 
Validation 
and 
Governance 
(GMVG), 
the 
Group 
Risk 
Management 
Strategy 
Planning Operations 
& Sustainability 
Risk (GRMSPO&SR), 
the 
Supervisory 
Relations 
and Resolution 
Planning (SRRP), 
and 
the Risk Analytics (RA) Units. 
As part of its overall system of internal controls, Eurobank Ergasias Services 
and Holdings S.A. has engaged in a 
Service Level 
Agreement (SLA) with Eurobank S.A. 
(the banking subsidiary of 
the Group) in order to 
receive supporting and advisory 
services 
in all areas of risk management undertaken by 
the Group.
The Group applies the 
elements of the Three 
Lines of Defense model for the 
management of all types of risk. The Three 
Lines 
of Defense 
Model 
enhances 
risk management 
and 
control 
by 
clarifying 
roles 
and responsibilities 
within 
the 
organization. 
Under the oversight 
and direction of the Management 
Body, the responsibilities 
of each of these lines of defense are:
Line 1 - Own and manage 
risk and controls. 
The front 
line business and operations 
are accountable for 
this responsibility as 
they own the 
rewards and are the 
primary risk generators,
Line 2 
- Monitor 
risk and 
controls 
in support 
of Executive 
Management, 
providing 
oversight, 
challenge, advice 
and group-
wide direction. These 
mainly include the Risk and Compliance Units,
Line 3 
- Provide 
independent assurance 
to the 
Board and 
Executive 
Management concerning 
the 
effectiveness 
of risk 
and 
control management. This 
refers to Internal 
Audit.
Furthermore, 
the Group 
is in the process 
of aligning Hellenic Bank risk management 
policies and practices 
with those of the 
Group across key 
risk types, following the 
acquisition of control in the 
third quarter of 2024 and in view of the 
completion of 
the Take 
Over Bid process to acquire 100% of Hellenic Bank’s 
shares. This includes harmonizing key risk policies, standardizing 
regulatory as well as internal risk reporting, 
and aligning risk methodologies.
The most important types of risk that 
are addressed by the 
risk management functions of the 
Group are:
Credit Risk
Credit risk 
is the 
risk that 
a counterparty 
will be 
unable to 
fulfil its 
payment obligations 
in full 
when due. 
Credit risk 
is also 
related with 
country risk and settlement 
risk. Credit risk 
arises principally from 
the wholesale 
and retail lending 
activities of 
the 
Group, 
as well 
as from 
credit enhancements 
provided, 
such as 
financial guarantees 
and letters 
of credit. 
The 
Group is 
also exposed to 
credit risk 
arising from 
other 
activities such as 
investments 
in debt securities, 
trading, capital 
markets and 
settlement activities. Taking into account that credit risk 
is the primary risk the 
Group is exposed to, 
it is very closely managed 
and monitored by specialised risk units, reporting to the 
GCRO.
The 
credit review 
and approval 
processes 
are centralized 
both in 
Greece 
and in the 
International 
operations 
following 
the 
“four-eyes” 
principle and 
specific 
guidelines 
stipulated 
in the 
Credit 
Policy 
Manual and 
the 
Risk Appetite 
Framework. 
The 
segregation 
of 
duties 
ensures 
independence 
among 
executives 
responsible 
for 
the 
customer 
relationship, 
the 
approval 
process 
and 
the 
loan 
disbursement, 
as 
well 
as 
monitoring 
of 
the 
loan 
during 
its 
lifecycle. 
The 
credit 
approval 
process 
in 
Corporate 
Banking is 
centralized 
through 
the 
establishment of 
Credit 
Committees with 
escalating 
Credit 
Approval 
Levels, 
which assess and limit to the extent possible 
the corporate credit risk. Rating models are used in order to calculate the credit 
rating 
of 
corporate 
customers, 
reflecting 
the 
underlying 
credit 
risk. 
The 
most 
significant 
ones 
are 
the 
MRA 
(Moody’s 
Risk 
Analyst) 
applied 
for 
companies 
-mostly- 
with 
industrial 
and 
commercial 
activity and 
the 
slotting 
rating 
models, 
used 
for 
specialised lending portfolios (shipping, real estate and 
project finance) with ring-fenced transactions. Credit risk assessment 
is performed by Group Credit (GC), which assesses the credit requests submitted by the Business Units, 
a procedure including 
the 
evaluation 
of 
the 
operational 
and 
financial 
profile 
of 
the 
customer, 
the 
validation 
of 
the 
borrower’s 
rating 
and 
the 
identification of potential risk factors 
for the Bank.
The credit 
review and 
approval 
processes 
for loans 
to Small Businesses 
(turnover 
up to €5m) 
are also centralised 
following 
specific guidelines and applying the ‘four-eyes’ 
principle. The assessment is primarily based on the analysis of the borrower's 
operational 
characteristics and financial 
position. The 
same applies for 
Individual Banking (consumer 
and mortgage loans), 

 
 
 
 
 
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where the credit risk assessment 
is based on criteria related to the characteristics of the retail 
portfolio, such as the financial 
position of the borrower, 
the payment behaviour, 
the existence of real estate property and the type and quality of securities. 
The ongoing 
monitoring of the 
portfolio 
quality and of 
any deviations 
that may 
arise, lead to 
an immediate 
adjustment of 
the credit policy and procedures, when deemed necessary. The 
quality of the Group’s loan portfolios (business, consumer and 
mortgage 
in 
Greece 
and 
abroad) 
is 
monitored 
and 
assessed 
by 
the 
Group 
Credit 
Control 
(GCC) 
via 
field, 
desktop 
and 
thematic 
reviews 
in order 
to timely 
identify emerging 
risks, vulnerabilities, 
compliance to 
credit policies 
and consistency 
in 
underwriting. Furthermore, 
the GCC assumes 
oversight and supervisory 
responsibilities for proper 
operation of 
credit rating 
and impairment 
models. 
Moreover, 
GCC regularly 
reviews 
the 
adequacy of 
provisions 
of all 
loan portfolios. 
The 
Unit also 
formulates Group’s credit policies, reviews policies developed 
by other units and participates in the development of new loan 
products. Finally, it monitors regulatory developments, emerging trends and best 
practices proposing relevant policy updates 
or product enhancements 
when necessary. 
GCC operates 
independently from all the 
business units of the 
Bank and reports 
directly to the GCRO.
The 
measurement, 
monitoring and 
periodic 
reporting of 
the 
Group’s 
exposure to 
counterparty 
risk (issuer 
risk and 
market 
driven 
counterparty 
risk), 
which 
is 
the 
risk 
of loss 
due 
to 
the 
customer’s 
failure 
to 
meet 
its 
contractual 
obligations 
in 
the 
context of treasury positions, such as debt securities, derivatives, repos, reverse repos, interbank placings, etc. are performed 
by the 
Group Market 
and Counterparty Risk 
(GMCR). The 
Group sets 
limits on the 
level of 
counterparty risk 
that are 
based 
mainly on the 
counterparty’s credit 
rating, as 
provided by 
international rating 
agencies, the 
product type 
and the 
maturity 
of the transaction 
(e.g. control 
limits on net open derivative 
positions by both 
amount and term, sovereign 
bonds exposure, 
corporate securities, asset backed securities, 
etc.). GMCR maintains and updates the limits’ monitoring systems and ensures 
the correctness and compliance of all financial institutions limits 
with the Bank’s policies as approved by the Group’s relevant 
bodies. The 
utilization 
of the 
abovementioned 
limits, any 
excess 
of them, 
as well 
as the 
aggregate 
exposure 
per 
Group’s 
entity, 
counterparty 
and 
product 
type 
are 
monitored 
by 
GMCR 
on 
a 
daily 
basis. 
The 
Group 
from 
2021 
applies 
the 
new 
regulatory 
framework 
for the 
counterparty risk 
from derivatives 
Standardised Approach 
for 
measuring counterparty 
credit 
risk (SA-CCR). 
Market Risk 
The 
Group 
has 
exposure 
to 
market 
risk, 
which 
is 
the 
risk 
of 
potential 
financial 
loss 
due 
to 
an 
adverse 
change 
in 
market 
variables. Changes in interest rates, 
foreign exchange rates, 
credit spreads, equity prices and other 
relevant factors, such 
as 
the implied volatilities, can affect the Group’s 
income or the fair value of its financial 
instruments. The market risks, the Group 
is exposed 
to, are 
monitored, controlled 
and estimated 
by 
GMCR. GMCR 
is responsible 
for 
the 
measurement, 
monitoring, 
control 
and 
reporting 
of 
the 
exposure 
on 
market 
risks 
including 
the 
Interest 
Rate 
Risk and 
the 
Credit 
Spread 
Risk 
in the 
Banking Book (IRRBB/CSRBB) 
of the Group. 
The GMCR 
reports to the 
GCRO. The 
exposures and the 
utilisation of the 
limits 
are reported to the Board 
Risk Committee and to the BoD.
Market 
risk 
in 
Greece 
and 
International 
Subsidiaries 
is 
managed 
and 
monitored 
mainly 
using 
Value 
at 
Risk 
(VaR) 
methodology, 
sensitivity and 
stress test 
analysis. VaR 
is a 
methodology 
used in 
measuring financial 
risk by 
estimating the 
potential negative 
change in the 
market value 
of a portfolio 
at a given 
confidence level 
and over 
a specified time 
horizon. 
The VaR 
that the 
Group measures 
is an estimate based upon 
a 99% confidence level 
and a holding period 
of 1 day and the 
methodology 
used 
for 
the 
calculation 
is 
Monte 
Carlo 
simulation 
(full 
re-pricing 
of 
the 
positions 
is 
performed). 
Since 
VaR 
constitutes an 
integral 
part 
of the 
Group's 
market 
risk control 
regime, 
VaR 
limits have 
been established 
for 
all portfolios 
(trading and investment) 
measured at 
fair value 
and actual exposure is 
monitored daily by 
management. However, 
the use 
of this 
approach 
does not 
prevent 
losses outside 
of these 
limits in 
the event 
of extraordinary 
market movements. 
For 
that 
reason, the Group 
uses additional monitoring metrics such as: Stressed VaR, 
Expected Shortfall and Stress Tests. 
Finally, the 
Group already monitors the 
impact from the 
new regulatory framework 
for market risk (Fundamental 
Review of the Trading 
Book-FRTB) and monitors the 
evolution 
of the relevant 
capital charges until 
its official application 
(2026) based on a 
set of 
established systems and procedures. 
Interest Rate Risk in the Banking Book 
(IRRBB)
The IRRBB is defined as 
the current and the prospective risk of a 
negative impact to the institution’s economic value of 
equity, 
or to the institution’s net interest income, taking 
market value changes into 
account as appropriate, which arise 
from adverse 
movements in interest 
rates affecting 
interest rate sensitive 
instruments, including gap risk, basis risk and option risk. 
GMCR 
is 
the 
unit 
responsible 
for 
the 
monitoring, 
control, 
reporting 
and 
estimation 
of 
IRRBB 
on 
a 
group 
level. 
Both 
the 
Economic Value of Equity (EVE) and NII sensitivity to a number of stresses on interest rates are 
estimated on a periodic basis 
and 
are 
compared 
with 
the 
approved 
BoD 
Risk 
Appetite 
Statements 
(RAS) 
thresholds. 
IRRBB 
analysis 
currently 
uses 
the 
established Asset 
and Liability 
Management (ALM) 
tools within 
each entity. 
The 
plan is 
to expand 
the 
use of 
the 
ALM tool 
applied on 
a solo 
level (in 
Greece) for 
the future 
Group-level 
IRRBB analysis. The 
CSRBB analysis is 
conducted on 
a Group 
level by 
a centralized 
tool. Furthermore, 
the Group 
already applies a set 
of extra 
stress test analysis 
for specific 
parts of its 
Banking 
Book 
for 
the 
assessment 
to 
the 
exposure 
on 
Mark-to-Market 
(MTM) 
volatility 
on 
both 
OCI 
and 
Amortised 
Cost 
portfolios of investment 
securities and for the assessment of the 
CSRBB (Credit Spread Risk in the Banking Book). The 
policy 
for 
the 
management 
of 
IRRBB 
as 
approved 
by 
BRC 
and 
BoD 
provides 
a 
clear 
description 
of 
the 
methodologies, 
the 
governance, the 
limits that are used for the 
management of IRRBB & CSRBB.
Liquidity Risk
The Group 
is exposed on a 
daily basis to 
liquidity risk due to 
deposits withdrawals, 
maturity of medium 
or long term notes, 
maturity of secured 
or unsecured 
funding (interbank 
repos and money 
market takings), 
collateral 
revaluation 
as a result 
of 
market movements, 
loan draw-downs 
and forfeiture 
of guarantees. The 
Board Risk Committee and the 
BoD sets in the RAS 

 
 
 
 
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Framework 
the liquidity risk thresholds 
to ensure that sufficient 
funds are available to meet 
all of these contingencies 
under 
any scenario. 
The Group 
monitors on a 
continuous basis the 
level of 
liquidity risk using 
regulatory and 
internal metrics 
and 
methodologies (Liquidity 
Coverage 
Ratio/LCR, 
Net Stable Funding Ratio/NSFR, 
Liquidity Buffer 
analysis, cash flow 
analysis, 
short-term and medium-term stress test etc.).
BRC’s 
role 
is 
to 
approve 
all 
strategic 
liquidity 
risk 
management 
decisions 
and 
monitor 
the 
quantitative 
and 
qualitative 
aspects 
of 
liquidity 
risk. 
Group 
Assets and 
Liabilities 
Committee 
(G-ALCO) 
has 
the 
mandate 
to 
form 
and 
implement 
the 
liquidity policies and 
guidelines in conformity 
with Group's 
risk appetite, and to review 
at least monthly 
the overall 
liquidity 
position 
of 
the 
Group. 
Group 
Treasury 
is 
responsible 
for 
the 
implementation 
of 
the 
Group's 
liquidity 
strategy, 
the 
daily 
management of the Group’s 
liquidity and for the preparation 
and monitoring of the Group’s liquidity budget, while GMCR is 
responsible for measuring, 
control, monitoring and reporting the 
liquidity of the Group to the 
G-ALCO, BRC, BoD and to the 
regulatory bodies.
Operational & Non-Financial Risks (NFRs)
Non-Financial Risks include operational 
risks as well as 
specific additional risks such as 
business, strategic 
and reputational 
risk. Operational 
risk is defined 
by Basel III 
as the 
risk of loss 
resulting from 
inadequate or 
failed internal 
processes, people 
and systems or from external events.
The 
Group is 
gradually 
implementing the 
Risk Appetite 
Framework 
to cover 
NFRs, which sets 
out the 
mechanisms through 
which the 
Group 
establishes 
its risk 
appetite and 
ensures 
that 
its 
risk profile 
remains 
within 
that 
appetite 
to bear 
risk in 
relation to the internal 
and external events as well 
as other constraints. 
Governance 
responsibility 
for 
Non-Financial 
Risks 
management 
stems 
from 
the 
Board 
of 
Directors 
(BoD), 
through 
the 
Executive 
Board 
and 
Senior 
Management, 
and 
passes 
down 
to 
the 
Heads 
and 
staff 
of 
every 
business 
unit. 
The 
BoD 
establishes the 
mechanisms 
used by 
the 
Group 
to manage 
NFRs, sets 
the 
tone and 
expectations, 
and delegates 
relevant 
responsibilities. The 
Board Risk 
Committee and the 
Audit Committee monitor 
the NFR 
levels and 
profile, including 
relevant 
events.
NFR management comprises 
risk identification, 
assessment, and mitigation 
while employing independent oversight 
and an 
effective risk culture to ensure 
that business objectives are met 
within the NFR appetite 
that is reflected in 
the Group’s Policies 
and Guidelines.
The Heads of each business unit (the risk owners) 
are primarily responsible for the 
day-to-day management of NFRs and the 
adherence to relevant controls. 
Each Business Unit appoints an Operational Risk Partner (OpRisk Partner) or an Operational 
Risk Management Unit (ORMU) depending on the size of the business 
unit, which is responsible for coordinating the 
internal 
risk management efforts 
of the business unit while forming 
the link between Line 1 and Line 2. 
Eurobank has 
adopted a Themes 
-based risk taxonomy, 
developed 
along the lines 
of the 
industry reference 
taxonomies, for 
risk management 
and reporting 
purposes. Each 
Risk Themes 
is overseen 
by Theme 
Coordinators 
(Second Line 
of Defense 
Units). The Risk Themes 
which fall within the 
scope of NFR are the following: 
Group Operational 
and Non-Financial Risks Unit (GONFR) has been positioned as an overlaying 
framework 
coordinator for 
all 
Non-Financial 
Risks 
(NFRs). 
GONFR’s 
overlaying 
responsibilities 
aim 
to 
harmonize 
the 
Second 
Line 
of 
Defense 
Units’ 
activities across 
the 
Group 
and to 
holistically 
ensure 
the effective, 
consistent application 
of the 
Risk Appetite 
Framework. 
The 2LoD Units maintain their 
responsibilities for specific Risk Theme(s) 
owned.
Sustainability risks
Sustainability risks 
are neither 
new nor 
stand-alone risks, 
rather 
they 
are transverse 
risks, manifesting 
through 
existing risk 
types. As sustainability risks 
interact with 
other 
risks and result in 
direct distributional impacts 
and indirect macroeconomic 
impacts, the Group understands that careful 
consideration of the cross 
-cutting nature thereof is necessary in order to ensure 
the optimal implementation 
of adaptation activities.
Specifically, 
sustainability 
risks 
are 
defined 
as 
potential 
losses 
arising 
from 
any 
negative 
financial 
impact 
for 
the 
Group, 
stemming 
from 
current 
or 
prospective 
impacts 
of 
any 
climate-related 
& 
environmental, 
social 
or 
governance 
event(s) 
on 
Group’s counterparties 
or invested assets.
Definitions of sustainability risks include the following:
a)
Climate-Related and Environmental 
risks: Climate-related and environmental 
risks are defined as the 
risks deriving 
from potential loss or 
negative impact to the Group, including 
loss/ damage to 
physical assets, disruption 
of business 
or 
system 
failures, 
transition 
expenditures 
and 
reputational 
effects 
from 
the 
adverse 
consequences 
of 
climate 
change and environmental degradation.

 
 
 
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b)
Social risk: Social 
risk refers 
to potential losses 
arising from 
any negative 
financial impact on 
the Group 
stemming 
from the current or prospective impacts of 
social factors (such as 
human rights 
violation, income inequality, customer 
safety & protection and 
consumers’ changing preferences) 
on the Group’s 
counterparties or invested assets.
c)
Governance risk: Governance 
risk refers to potential losses arising from any negative financial impact on the 
Group 
stemming 
from 
the 
current 
or 
prospective 
impacts 
of 
governance 
factors 
(such 
as 
anti-financial 
crime, 
non-
compliance with policies or regulations and governance practices) on the Group’s 
counterparties or invested assets.
The Group is adopting a strategic approach 
towards sustainability, climate change risk identification and risk management, 
signifying the great importance that is given in the risks and opportunities 
arising from the transitioning to a low-carbon and 
more circular economy. 
In this context, the 
Bank has approved 
and implements its Financed 
Impact Strategy, 
which focuses 
on: 
a)
Clients’ 
engagement 
and 
awareness 
to 
adapt 
their 
business 
so 
as 
to 
address 
climate 
change 
challenges 
and 
opportunities,
b)
Actions for supporting clients in their 
transition efforts 
towards a more sustainable economic environment,
c)
Enablers and tools, such as frameworks 
and products, to underpin sustainable financing,
d)
Assessment 
and 
management 
of 
sustainability 
related 
risks 
within 
its 
loan 
and 
investment 
portfolios, 
including 
assessing exposure to transition and physical 
risks linked to climate change.
To facilitate 
the classification 
of sustainable/green financing opportunities in a structural manner, 
the Group has developed 
its Sustainable Finance Framework 
(SFF). Through 
its SFF, 
the Group 
is able to classify sustainable 
lending solutions offered 
to 
its 
clients, 
specifying 
the 
applied 
classification 
approach 
and 
the 
activities 
defined 
as 
eligible 
to 
access 
sustainable 
financing (eligible green and social assets). Moreover, the Group 
maintains a Sustainable Investment Framework 
(SIF), which 
outlines the Group’s 
various sustainable investment 
approaches/ 
strategies based on 
criteria observed 
as per international 
market practices, 
the process 
for the 
selection of eligible investments, 
as well as the 
monitoring frequency applicable to the 
sustainable portfolio.
Furthermore, 
the Group 
has updated its 
Sustainability Governance 
structure by 
introducing and defining 
specific roles 
and 
responsibilities 
in 
order 
to 
support 
the 
roll-out 
of 
the 
Sustainability 
Strategy 
and 
the 
integration 
of 
sustainability 
risks, 
through the involvement 
of various key stakeholders (i.e. Business & Risk Units, Committees, etc.). The Group 
applies a model 
of 
defined 
roles 
and 
responsibilities 
regarding 
the 
management 
of 
Sustainability 
risks 
and 
aspects 
across 
the 
3 
Lines 
of 
Defense.
In this context and taking into 
account the significant 
impact of sustainability risks both 
on financial institutions and on 
the 
global economy, 
the 
Group developed 
and approved 
its Sustainability 
Risk Management 
Policy 
which aims 
at fostering 
a 
holistic understanding of 
the effects of sustainability risks 
on its business 
model, as well 
as support 
decision-making regarding 
these 
matters 
and 
provide 
a 
robust 
governance 
under 
its 
Risk 
Management 
Framework. 
The 
purpose 
of 
the 
Policy 
is 
to 
provide 
an 
overview 
and 
a 
common 
understanding 
of 
Group’s 
main 
governance 
arrangements, 
as 
well 
as 
roles 
& 
responsibilities undertaken 
by the 
Group Sustainability 
Risk (GSR), 
in the 
context of the 
Group’s 
overall 
Sustainability risks 
management activities.
The 
Group 
Sustainability Risk 
(GSR) has 
the 
overall 
responsibility for 
overseeing, 
monitoring, and 
managing sustainability 
risks. 
More 
specifically, 
it 
prepares 
and 
maintains 
the 
Bank’s 
Sustainability 
Risk 
Management 
Policy, 
as 
well 
as 
relevant 
policies, 
processes 
and methodologies 
(e.g. 
ESG Risk 
Assessment, 
Climate 
Risk Scorecard, 
exclusion 
lists) in 
collaboration 
with the Group Sustainability Unit, Business & Risk Units. In addition, GSR leads the development and implementation of the 
Sustainability 
risk 
related 
framework, 
as 
well 
as 
relevant 
policies 
and 
processes 
(e.g., 
Sustainability 
Risk 
Management 
Framework, 
Climate Risk Stress 
Test 
Framework 
documents) across 
the Group, 
in coordination 
with other 
involved 
units, as 
well as the development and update of the Sustainable Finance Frameworks. Moreover, 
it monitors and reports to 
the Group 
Senior 
Sustainability 
Officer 
(GSSO) 
the 
progress 
of 
the 
implementation 
of 
the 
developed 
Climate 
Risk 
action 
plan 
and 
reports 
to the 
Board 
for 
Sustainability Risk 
matters. 
The 
GSR supports, 
reviews 
and challenges 
the 
involved 
stakeholders, 
across 
the 
Group, 
regarding 
the 
setting 
of 
the 
Net 
Zero 
targets 
and 
of 
the 
Financed 
Impact 
Strategy, 
through 
the 
identification 
of 
material 
Sustainability 
risk 
related 
areas. 
The 
GSR 
also 
leads 
the 
2nd 
line 
of 
defense 
independent 
sustainable lending re-assessment process (i.e. provides opinion on sustainable financing regarding the CIB Portfolio, as part 
of a 
bespoke 
process 
and the 
characterization 
of products 
of the 
Retail Portfolio 
as sustainable), 
against the 
Sustainable 
Finance criteria (as 
per pre-determined thresholds). Furthermore, GSR develops and maintains 
the Climate Risk Stress 
Testing 
(CRST) 
Framework, 
as 
well 
as 
scenario 
analysis 
and 
stress 
testing 
methodologies, 
and 
coordinates 
the 
performance 
of 
sustainability risk scenario analysis and relevant stress test exercises 
at Group level. In line with good practices 
identified by 
the ECB, the Financed Impact Strategy of the Bank focuses on sustainable financing targets / commitments. In particular, the 
Bank identified total portfolio 
and sectoral targets with regards 
to financing the green transition 
of its clients. 
Eurobank has set the 
following targets 
for sustainable finance corporate 
disbursements in the following 
years: 
Portfolio 
targets 
New disbursements 
•
€2bn in new green disbursements to businesses by 
2025 
•
20% of 
the 
annual new 
Corporate 
& Investment 
Banking (CIB) 
portfolio 
disbursements 
to be 
classified as 
Green/ 
Environmentally sustainable 

 
 
 
 
 
 
 
 
 
 
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Green stock/ Exposure evolution 
•
20% stock of green exposures by 2027 for 
the CIB portfolio 
Recovery and Resilience 
Facility (RRF) 
•
Mobilize €2.25bn total green RRF funds in the Greek 
economy by 2026 
Sectoral targets 
Renewable energy 
•
35% of new disbursements in the energy 
sector will be directed to Renewable Energy Sources 
(RES) financing 
Green buildings 
•
80% of new 
disbursements related 
to construction of 
new buildings 
(CIB portfolio) 
to be allocated 
with EPC A 
and 
above 
•
20% of new disbursements related to 
mortgage loans (excluding "My Home") to 
be allocated with EPC B+ and 
above 
Furthermore, 
Eurobank introduced 
additional sustainable financing targets, enhancing its financed impact strategy:
Corporate and Investment 
Banking green targets for 
2024 
New exposure to high emitters 
•
No new investments in fixed income 
securities (excluding exposures in Sustainability/Green bonds) towards 
the top 
20 most carbon-intensive corporates 
worldwide 
Increase in Sustainability-Linked loans 
•
Double annual disbursements of Sustainability-Linked loans 
Retail banking target for 2024 
Maintain the 
same 
growth 
in absolute 
terms for 
Retail Banking 
new 
green 
disbursements (or 
more 
than 50% 
increase 
vs. 
2023).
Further information 
on the Group’s 
financial risk management objectives 
and policies, including the 
policy for hedging 
each 
major type of transaction for which hedge 
accounting is used is set out in the notes 2, 5 and 19 to the consolidated financial 
statements for the year ended 31 December 
2024 and as regards sustainability risks is provided in the Group’s Sustainability 
Statement as at 31 December 2024.
Non Performing Exposures (NPE) 
management
The Bank 
realizes the 
NPE Strategy 
Plan through 
its implementation 
by doValue 
Greece for 
the assigned 
portfolio 
and the 
securitization transactions. 
Troubled Assets Committee
The Troubled 
Assets Committee (TAC) 
is established according to the regulatory provisions 
and its main purpose is to act as 
an independent 
body, 
closely 
monitoring 
the 
Bank’s 
troubled 
assets portfolio 
and 
the 
execution 
of its 
NPE 
Management 
Strategy.
Remedial and Servicing Strategy 
(RSS)
The Remedial 
Servicing and Strategy 
(RSS) is responsible: 
a) for 
the management 
of the 
non-performing 
and early arrears 
loans of the Bank, b) for structured transactions 
which create capital (such as Synthetic SRT STS securitizations) and/or offer 
credit protection 
and c) for 
cooperation 
with the 
other 
units of Group Strategy 
for other 
transactions and initiatives. 
RSS is 
closely monitoring the overall 
performance of the 
NPE portfolio as well 
as the relationship of the 
Bank with doValue Greece. 
Furthermore, 
following 
Eurobank’s 
commitments 
against 
the 
significant 
risk 
transfer 
(SRT) 
monitoring 
regulatory 
requirements 
pertaining 
to 
Bank’s 
concluded 
transactions, 
RSS 
has 
a 
pivotal 
role 
in 
ensuring 
that 
relevant 
process 
is 
performed 
smoothly 
and 
in 
a 
timely 
manner 
and 
that 
any 
shortcomings 
are 
appropriately 
resolved, 
while 
providing 
any 
required clarifications 
or additional material 
required by the 
regulatory authorities. 
The Head of RSS 
reports to the General 
Manager of Group Strategy.
In this context, RSS has been assigned inter alia with the 
following responsibilities:
a)
Structure new transactions and perform the execution of any 
transaction processes, by also establishing negotiation 
of Commercial / Legal Terms 
as well monitoring of these transactions, 
b)
Develop and actively monitor the 
NPE targets and reduction plan,
c)
Set 
the 
strategic 
principles, 
priorities, 
policy 
framework 
and 
KPIs 
under 
which 
doValue 
Greece 
is 
servicing 
the 
portfolio,
d)
Closely monitor 
the 
execution of 
the 
approved 
strategies, 
as well 
as all 
contractual 
provisions 
under 
the 
relevant 
contractual agreements 
for Eurobank’s 
portfolio 
assigned to 
doValue 
Greece including 
the securitized 
portfolio 
of 
ERB Recovery DAC,
e)
Monitoring of 
the performance 
of the 
senior notes 
of the 
securitizations in 
collaboration 
with Group 
Risk so 
as to 
ensure compliance to significant risk transfer 
(SRT) and to the Hellenic Asset Protection 
Scheme (HAPS),
f)
Budget and monitor the Bank’s expenses and revenues 
associated with the assigned portfolio,
g)
Cooperate closely with 
doValue Greece 
on a daily basis in achieving the Group’s 
objectives,
h)
Maintain supervisory dialogue.

 
 
 
 
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Project “Solar”
In the 
context of its 
NPE management 
strategy, 
the Group 
has been 
structuring an 
NPE securitization 
transaction 
(project 
‘Solar’), as part of a 
joint initiative with 
the other 
Greek systemic banks (the 
banks) since 2018.Out 
of the notes to 
be issued 
by the SPV, 
the Banks will hold 100% of the Senior notes as well as the 5% of the Mezzanine and Junior notes and will dispose 
of the 
remaining stake 
of the 
subordinated tranches 
. 
In June 2024, 
the banks 
submitted to the 
Greek Ministry of 
Finance a 
joint application 
for the 
inclusion of the 
senior notes to 
be issued in the 
Hellenic Asset Protection 
Scheme. Since 
June 2022, 
the Group has classified the 
underlying corporate loan 
portfolio as held 
for sale.
Other loans held 
for sale (incl. Project “Leon”)
In December 
2023, the 
Bank, aiming to accelerate 
further 
its NPE reduction 
plan, initiated the 
sale process 
of a mixed NPE 
portfolio of total gross 
book value ca. €400m, engaged in parallel in negotiations with potential investors. 
Accordingly, as at 
31 December 2023, the Bank 
classified the aforementioned loan portfolio as held for sale. In 
first half of 
2024, the Bank revised 
its NPE 
sale target 
and increased 
the 
aforementioned 
perimeter 
of NPE 
loans by 
ca. €240m, 
which were 
also classified 
as 
held-for-sale.
On 8 July 2024, the Group, through its special purpose financing vehicle ‘’LEON CAPITAL 
FINANCE DAC’’ (SPV), issued senior, 
mezzanine and junior notes of nominal amount of 
ca. € 1.5bn, via the securitization of a mixed 
NPE portfolio, which comprises 
the 
loans that 
were 
classified as 
held for 
sale at 
30 June 
2024 (project’s 
‘’Leon’’ perimeter) 
as well 
as 
written off 
loans of 
total principal 
amount due 
of ca. 
€ 1.5bn 
and gross 
carrying 
amount of 
ca. €0.6bn 
that complied 
with the 
requirements 
of 
Hellenic Asset 
Protection 
Scheme 
law. 
Further 
to the 
above, 
on 13 
September 
2024, the 
Group, 
as the 
holder 
of the 
notes 
issued by 
the 
SPV, 
proceeded 
with the 
disposal of 
the 
95% of 
the 
mezzanine and 
junior tranches 
to a 
third party 
investor. 
Accordingly, 
as 
of 
the 
aforementioned 
date, 
the 
Group 
derecognized 
the 
underlying 
loan 
portfolio 
and 
recognized 
the 
retained notes 
on its balance 
sheet, i.e. 100% 
of the senior 
and 5% of the 
mezzanine and junior 
notes of Leon securitization, 
at fair value.
Further information 
is provided in note 20 to the 
consolidated financial statements. 
Macroeconomic Outlook and Risks 
In 
2024, 
despite 
the 
challenging international 
environment, 
the 
macroeconomic 
backdrop 
was 
supportive 
in 
the 
Group’s 
three 
core 
markets. 
In 
particular, 
the 
economies 
of 
Greece, 
Bulgaria 
and 
Cyprus 
remained 
in 
expansionary 
territory, 
overperforming 
most of their European Union (EU) 
peers. According to the Hellenic 
Statistical Authority (ELSTAT) 
provisional 
data, the real GDP of Greece expanded by 
2.3% on an annual basis in the first nine months of 2024 –versus 0.5% in the euro 
area (Eurostat) 
– 
driven by 
household consumption 
and the 
buildup of inventories. 
The average 
annual inflation 
rate based 
on the Harmonized Index of Consumer Prices (HICP) decreased to 3.0% in 2024 from 4.2% in 
2023, while the average monthly 
unemployment rate declined to 10.1% 
in 2024, from 11.1% in 2023, dropping to a 15-year low. In its Autumn Economic Forecasts 
(November 
2024), the 
European 
Commission 
(EC) expects 
real 
GDP in 
Greece 
to grow 
by 
2.1% 
in 2024 
and 2.3% 
in 2025 
(2023: 2.3%). The 
HICP growth 
rate is 
expected to decelerate 
to 2.4% in 
2025 and the 
unemployment rate 
to drop 
to 9.8%, 
respectively.
Growth 
in Greece 
as well 
as in 
Bulgaria and 
Cyprus is 
expected to 
receive 
a significant 
boost from 
EU-funded investment 
projects and 
reforms. 
Greece shall 
receive 
€36bn (€18.2bn in grants 
and €17.7bn 
in loans) up 
to 2026 through 
the Recovery 
and Resilience 
Facility (RRF), 
Next Generation 
EU (NGEU)’s 
largest instrument, 
out of 
which €18.2bn 
(€8.6bn in 
grants and 
€9.6bn 
in loans) 
had been 
disbursed by 
the 
EU as 
of the 
end 2024. 
A further 
€40bn is 
due through 
EU’s long-term 
budget 
(MFF), out of which €20.9bn 
is to fund the National Strategic 
Reference Frameworks 
(ESPA 2021–2027). 
On monetary 
policy developments, 
following 
ten rounds 
of interest 
rate 
hikes in 
2022 and 
in 2023 
and on 
the 
back of 
an 
improved inflation outlook, the ECB implemented five interest rate cuts from June 2024 to January 2025, lowering its deposit 
facility rate by 
125 basis points in total.
On the fiscal 
front, the 
EC in its Autumn Economic Forecasts 
expects a primary surplus of 2.9% 
of GDP in 2024 and 2025, up 
from 
2.1% 
of 
GDP 
in 2023. 
The 
gross 
public 
debt-to-GDP 
ratio, 
following 
a 
sizeable 
increase 
in 
nominal 
GDP 
due 
to 
the 
combination of 
real GDP 
growth 
and inflation, 
is expected 
to decline 
to 153.1% 
in 2024 and 
146.8% in 
2025, from 
163.9% 
in 
2023. 
In 
2024, 
the 
Greek 
government 
raised 
€ 
9.55bn 
from 
the 
international 
financial 
markets 
through 
the 
Public 
Debt 
Management Agency (PDMA) by issuing two new 
bonds (a 10-year bond at a yield of 3.478% in January and a 30-year bond 
at a yield of 4.241% in 
April), and re-opening eleven past issues with maturities of 5 and 10 
years. At the end of 2024, the cash 
reserves 
of the Greek 
government 
stood close to € 
33bn. Following 
a series of sovereign 
rating upgrades 
in the second 
half 
of 
2023, 
the 
Greek 
government’s 
long-term 
debt 
securities 
were 
considered 
investment 
grade 
by 
four 
out 
of 
the 
five 
Eurosystem-approved 
External Credit Assessment 
Institutions (DBRS: BBB(low), 
positive outlook, Fitch: 
BBB-, stable outlook; 
Scope: BBB, 
stable outlook; 
S&P: BBB-, 
positive outlook), 
and one 
notch below 
investment 
grade by 
the fifth 
one, Moody’s 
(Βa1, positive outlook) as of. 31 December 
2024.
According to Bank of Greece (BoG) data, the 
stock of credit to the non-financial private sector amounted to €113.2bn at the 
end 
of 
2024, 
up 
from 
€109.1bn 
at 
the 
end 
2023, 
marking 
a 
gross 
annual 
increase 
of 
3.8%. 
Adjusted 
for 
write-offs, 
reclassifications 
and foreign 
exchange fluctuations, 
the 
annual growth 
rate 
of domestic 
credit 
to the 
non-financial sector 
stood at 8.3%. On the other 
side of the ledger, 
domestic non-financial private sector deposits were 
up by 4.6% on an annual 
basis, standing at €199.5bn 
at the end of 2024 from 
€190.7bn at the end of 2023. 
On real estate market developments, 
BoG 
data 
shows 
that 
residential 
real 
estate 
prices 
recorded 
an annual 
increase 
of 9.2% 
in the 
first nine 
months 
of 2024, 
and 
commercial real 
estate prices an annual increase of 7.8% 
in the first half of 2024.

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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In Bulgaria, real GDP growth came 
in at 2.2% on an annual basis in the first three quarters of 2024, slightly higher compared 
to 2.1% 
in the 
same 
period 
of 2023. 
Household consumption 
and investment 
were 
the 
key 
growth 
drivers, 
with the 
former 
GDP component benefitted 
from declining unemployment, significant increases in the minimum 
wage (+19.6% since 1 January 
2024), 
as 
well 
as 
in public 
sector 
wages 
and 
pensions, 
and 
rapid 
credit 
expansion 
for 
consumption 
purposes. 
The 
rise 
in 
investment 
came 
from 
inventories 
accumulation, 
as gross 
fixed capital 
formation 
was almost 
flat. 
The 
contribution 
of net 
exports 
weakened, 
as 
exports 
contracted, 
and 
imports 
expanded. 
Based 
on 
the 
autumn 
forecasts 
by 
the 
EC 
(November 
2024), GDP 
growth 
in 2024 
was projected 
at 2.4%, 
while for 
2025 a 
moderate 
increase to 
2.9% 
is anticipated. 
Disinflation 
progressed 
in 2024 at 
a much faster 
pace than 
in 2023, 
with the 
latest available 
inflation print 
of December 
at 2.1% 
on an 
annual basis, 
which led 
to an average 
annual HICP inflation 
in 2024 
of 2.6%, down 
from 8.6% 
in 2023. 
The 
December print 
brought Bulgaria 
just 10 bps 
away from 
fulfilling the 
only pending criterion 
for eurozone 
entry, i.e. 
the one 
concerning price 
stability. 
The 
EC forecast 
for 
HICP inflation 
stands at 
2.3% for 
2025 due 
to persistent 
services 
inflation. On 
the 
fiscal front, 
according to preliminary 
data from 
the Ministry 
of Finance, 
the cash-based 
fiscal deficit stood 
at 3% of 
the projected 
GDP 
in 2024. The 
Eurostat-defined deficit 
was projected by 
the EC at 
2.6% for 2024, 
up from 2% in 2023. 
Household demand will 
continue supporting 
GDP growth 
in 2025, 
on the 
back of 
expected historically 
low unemployment 
at 4%, 
and new, 
smaller 
than in previous 
years, increases in the 
minimum wage, public sector salaries 
and pensions. Investment 
financed by the 
RRF 
are expected to bolster 
gross fixed capital formation. 
The risks to the 
economic outlook related 
to political uncertainty 
may 
ease in 2025, 
after successful 
negotiations for 
a new coalition 
government 
following 
the October 
2024 elections, that 
took 
power in mid-January 2025. In October, Fitch Ratings has re-affirmed Bulgaria’s long-term foreign and local currency ratings 
at ‘BBB’, with a positive rating 
outlook.
In Cyprus, according to the 
real GDP data for 
the first nine months 
of 2024, the 
annual GDP growth 
accelerated 
to 3.7%, up 
from 2.6% in 
the same 
period of 2023. 
Although exports of goods 
fell 2.1%, 
higher exports of 
services by 
9.4%, 
supported by 
a range 
of sectors 
according to 
current 
account balance 
data (tourism, 
Information 
and Communication 
Technology 
(ICT) 
activities, financial 
services), 
led to 
a 7.7% 
increase 
in total 
exports, making 
them 
central 
to the 
GDP increase 
in the 
said 
period. Household consumption (+4.2%), was the second more significant growth 
driver, on the 
back of a tight labour market 
(unemployment at a 15-year low 
of 5%). According to EC’s autumn economic forecasts (November 
2024), Cyprus is expected 
to grow by 3.6% in 
2024, up from 2.5% 
in 2023, with GDP 
expansion decelerating in 2025 to 
2.8%. HICP inflation 
was projected 
at 2.2% in 2024 and 
2.1% in 2025 (2023:3.9%). Investment 
is set to keep benefitting from the RRF funding in the coming years, 
whereas 
easing financial 
conditions are 
expected to 
provide 
a further 
stimulus. Household 
consumption will 
be boosted 
in 
the coming years by a further decline in unemployment, to 4.7% in 2025 
on the back of reforms in the labor market in 
previous 
years, 
but 
also 
from 
a 
further 
recovery 
in 
household 
purchasing 
power 
due 
to 
increases 
in 
nominal 
wages 
and 
declining 
inflation. Export 
performance 
is projected 
to continue 
benefitting from 
growing 
tourist receipts 
and a 
dynamic outlook 
for 
services, particularly 
related to the 
ICT, 
but also the 
real estate and 
energy sectors. 
Indicative 
of these 
prospects is 
the rise 
in the 
number of 
tourists to a 
new all-time 
high in the 
January-November 
2024 period, 
though the 
annual rate 
of increase 
slowed 
down 
to 
5% 
from 
the 
20.4% 
seen 
in 
2023. 
In 
December 
2024, 
Fitch 
Ratings 
and 
S&P 
Global 
upgraded 
Cyprus’s 
sovereign credit 
to A- from BBB+, with a stable outlook, on economic and fiscal overperformance.
Regarding the 
outlook for 
the 
next 12 
months, the 
major macroeconomic 
risks and 
uncertainties 
in Greece 
and our 
region 
are associated with: (a) 
the geopolitical tensions caused primarily by 
the war in Ukraine and 
the fragile situation in the Middle 
East, their 
implications 
regarding regional 
and global 
stability and 
security, 
and their 
repercussions 
on the 
global and 
the 
European economy, (b) an interruption 
or even a reversal 
of the disinflationary trend observed 
in the past 24 months and its 
impact on 
economic growth, 
employment, 
public finances, 
household budgets, 
firms’ production 
costs, external 
trade 
and 
banks’ 
asset 
quality, 
as 
well 
as 
any 
potential 
social 
and/or 
political 
ramifications 
this 
may 
entail, 
(c) 
the 
timeline 
of 
the 
potential further 
interest 
rate 
cuts by 
the 
ECB and 
the 
Federal 
Reserve 
Bank, as 
persistence 
on high 
rates 
for 
longer 
may 
keep exerting pressure 
on sovereign and private borrowing 
costs and certain financial institutions’ balance 
sheets, but early 
rate cuts entail 
the risk of a 
rebound in inflation, 
(d) the prospect 
of Greece’s 
and Bulgaria’s major trade 
partners, primarily 
the euro area, remaining stagnant or even facing a temporary downturn, 
(e) the elevated political and economic uncertainty 
stemming from the international and trade policy decisions of 
the new administration in the United States, (f) the persistently 
large current account deficit that seems to become once again a structural feature of the Greek economy, (g) the absorption 
capacity of the NGEU and MFF 
funds and the attraction of new investments in the countries of 
presence, especially in Greece, 
(h) the 
effective 
and timely 
implementation 
of the 
reform 
agenda required 
to meet the 
RRF milestones and 
targets and 
to 
boost productivity, 
competitiveness, and 
resilience and 
(i) the 
exacerbation 
of natural 
disasters due 
to the 
climate change 
and their effect 
on GDP, 
employment, fiscal balance and sustainable 
development in the 
long run.
Materialization of the 
above risks would have 
potentially adverse effects 
on the fiscal planning of the Greek 
government, as 
it could 
decelerate 
the pace 
of expected 
growth 
and on 
the 
liquidity, 
asset quality, 
solvency 
and profitability 
of the 
Greek 
banking sector. 
In this context, 
the Group’s 
Management and 
Board are 
continuously monitoring the 
developments 
on the 
macroeconomic, financial and geopolitical 
fronts as well as the 
evolution of 
the Group’s 
asset quality and liquidity KPIs and 
have maintained 
a high level 
of readiness, 
so as to 
accommodate decisions, 
initiatives 
and policies to 
protect the 
Group’s 
capital, asset 
quality and 
liquidity standing 
as well 
as the 
fulfilment, 
to the 
maximum possible 
degree, of 
its strategic 
and 
business goals in accordance with the 
business plan for 2025 - 2027.
Share Capital
As at 31 December 2024: 
a)
The 
total 
share 
capital 
of 
Eurobank 
Holdings 
amounted 
to 
€808,881,992.38 
divided 
into 
3,676,736,329 
common 
voting 
shares 
of nominal 
value 
of €0.22 
each. All 
shares are 
registered, 
listed on 
the 
Athens 
Stock Exchange 
and 
incorporate all the 
rights and obligations set by the 
Greek legislation,

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
13
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b)
The 
number of 
Eurobank 
Holdings shares 
held by 
the 
Group’s 
subsidiaries in 
the 
ordinary course 
of their 
business 
was 1,914,541 (31 December 
2023: 4,346,566) (note 38 to the consolidated financial statements),
On 
23 
July 
2024, 
the 
Annual 
General 
Meeting 
(AGM) 
of 
the 
shareholders 
of 
the 
Company, 
among 
others, 
approved 
the 
cancellation 
of 
52,080,673 
treasury 
shares 
acquired 
in 
2023 
from 
Hellenic 
Financial 
Stability 
Fund. 
Following 
the 
said 
cancellation, 
the 
share 
capital 
and the 
share 
premium 
of the 
Company decreased 
by € 
11,457,748.06 
and € 
16,274,764.99, 
respectively. 
Share capital increase
Following the 
exercise of share options granted to executives of the Group under the current 
share options’ plan (see below), 
and by 
virtue of 
the 
decision 
of the 
Board 
of Directors 
of the 
Company on 
30 August 
2024, 
the 
Company’s share 
capital 
increased by €2,714,189.50 
through the 
issue of 12,337,225 new 
common voting shares 
of a nominal value of €0.22 per 
share 
and exercise price of €0.23 per share. The 
total difference 
above par, 
which amounts to 123,372.25 euros, is credited into the 
account “Share premium”. 
The new shares 
were listed on the 
Athens Exchange on 12 September 2024.
Share options
Under the 
five-year 
shares award 
plan approved 
in 2020 
and initiated 
in 2021, 
Eurobank 
Holdings grants 
to its employees 
and the 
employees 
of its 
affiliated 
companies share 
options rights, 
issuing new 
shares with 
a corresponding 
share capital 
increase upon the options’ exercise. 
The maximum number of rights that can be approved 
was set at 55,637,000 
rights, each 
of which would 
correspond to 
one new share 
with exercise 
price equal to 
€ 0.23. The 
final terms and the 
implementation of 
the share options plan, which is a forward 
-looking long-term incentive aiming at the 
retention of key executives, are 
defined 
and approved annually by 
the Board of Directors in accordance 
with the applicable legal and regulatory 
framework, 
as well 
as the policies of the Group.
The options are 
exercisable in portions annually during a period from 
one to five years, while each portion may be exercised 
wholly or partly and converted into shares at the employees’ 
option, provided that they 
remain employed by the 
Group until 
the first available exercise date. The corporate actions that adjust the number and 
the price of shares also adjust 
accordingly 
the share options.
Further information 
is provided in note 40 to consolidated 
financial statements.
Dividends/Distribution of Profits
On 23 July 
2024, the AGM of 
the shareholders of the Company, among 
others, approved a) the distribution of a cash 
dividend 
of 
€342m 
from 
the 
“Special 
Reserves” 
account, 
following 
the 
approval 
received 
from 
the 
ECB 
on 
5 
June 
2024. 
The 
said 
dividend corresponded 
to a 
30% payout 
ratio 
of the 
Group’s 
net profit 
for 
2023 and 
a gross 
dividend of 
€0.09333045 
per 
share, following 
the cancellation 
of treasury shares stated above 
and b) the distribution of €404,330 to senior management 
and employees 
of the 
Company from 
the “Special 
Reserves” 
account. In 
addition, it 
was noted 
in AGM 
that the 
respective 
amount that was approved 
to be distributed to senior management and employees 
of the Bank was € 26,237,474. 
In December 2024, the 
Bank proceeded with the 
distribution of non-mandatory reserves 
for a total amount of €240m which 
is part 
of the Bank’s 
overall contribution to its sole shareholder, Eurobank Holdings, in order to 
enable the latter to 
remunerate 
its shareholders out of 
the profits of the financial year 2024, 
in accordance with the provisions of article 162 
par.3 of Company 
Law 4548/2018. 
Based 
on 
the 
Group’s 
financial 
performance 
for 
the 
financial 
year 
2024, 
Eurobank 
Holdings 
intends 
to 
remunerate 
its 
shareholders 
with 
an 
amount 
of €674m 
corresponding 
to 
a 50% 
payout 
ratio 
of 
the 
Group’s 
net 
profit 
for 
2024 
less 
the 
negative goodwill (€99.5m 
gain on acquisition of a shareholding in Hellenic Bank), 
subject to approval of the Annual General 
Meeting of its 
shareholders 
and the 
regulatory authorities. 
The 
final remuneration 
will be a 
combination of cash 
and share 
buyback.
Major Shareholders
Based on the most recent notifications that Eurobank Holdings has received from shareholders controlling 
5 per cent or more 
of Eurobank Holdings’ 
voting rights, such significant shareholders 
are the following: 
a)
“Fairfax 
Financial 
Holdings 
Limited”, 
holding 
32.89% 
of 
Eurobank 
Holdings’ 
total 
share 
capital 
and 
voting 
rights, 
corresponding to 1,209,223,895 
Eurobank Holdings’ ordinary 
shares (effective 
since 23 January 2025). 
Specifically, 
following 
the 
changes in 
the 
Company’s share 
capital in 
the 
third 
quarter 
of 2024 
(section of 
“Share 
capital”), and based 
on the 
latest notification 
that Eurobank 
Holdings had received 
from Fairfax 
Group (“Fairfax”), 
the 
latter 
held 33.29% 
of Eurobank 
Holdings’ 
total number 
of voting 
rights as 
at 31 
December 
2024 (31 
December 
2023: 32.93%). 
On 23 January 
2025, the 
Company announced that 
it had been 
informed 
by Fairfax 
that the 
latter 
had sold 80 
million ordinary 
shares of the 
Company through 
an accelerated 
book building 
procedure 
reserved 
for 
qualified investors (the 
“Transaction”). 
The Transaction 
represented a 
mandatory technical 
adjustment to Fairfax’s 
significant equity holding in the 
Company, with Fairfax 
remaining a long-term, committed reference 
shareholder of 
the Company. Furthermore, 
on 7 February 2025, the Company announced that it had been informed by Fairfax, 
that 
following 
the 
aforementioned 
sale, 
the 
latter 
holds 
32.89% of 
Eurobank 
Holdings’ 
total 
share 
capital 
and 
voting 
rights. 
b)
“The 
Capital 
Group 
Companies, 
Inc”, 
holding 
5,11% 
of 
Eurobank 
Holdings’ 
total 
number 
of 
voting 
rights, 
corresponding to 
187,812,291 
voting rights of 
Eurobank Holdings’ 
ordinary shares. 
(effective 
since 1 December 
2020, 
while the percentage calculation is based on 
the new total Company’s listed 
shares that are tradeable on the Athens 
Stock Exchange, following the 
last share capital increase due to the exercise 
of stock option rights), 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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c)
The “Helikon Investments Limited”, holding 5.06% of Eurobank Holdings’ total number of voting rights, corresponding 
to 
185,957,220 
voting 
rights 
of 
Eurobank 
Holdings’ 
ordinary 
shares. 
(effective 
since 
25 
January 
2023, 
while 
the 
percentage 
calculation is 
based on the 
new total 
Company’s listed shares 
that are 
tradeable on 
the Athens 
Stock 
Exchange, following the 
last share capital increase due to the 
exercise of stock option rights). 
Sundry information required 
under Law 3556/2007 (article 4, par.7)
According to the Articles of Association: 
a)
there are 
no restrictions on the transfer 
of the Eurobank 
Holdings’ shares,
b)
there are 
no shares with special controlling 
or voting rights,
c)
there are 
no restrictions on voting rights,
d)
the rules related 
to the appointment 
and replacement 
of directors as well 
as to the amendment 
of the Articles 
of Association are in accordance 
with the provisions 
of company law.
Eurobank Holdings is not aware of any shareholders’ 
agreements resulting in restrictions in the transfer 
of its shares or in the 
exercise of the shares’ voting rights. There 
are no significant agreements that enter into force, are amended or expire if there 
is change in the control 
of Eurobank Holdings following 
a public offer. 
There 
are no agreements between Eurobank 
Holdings 
and the Directors or the 
staff for compensation 
in the event 
of departure as a result of a public offer.
Board of Directors
The Board 
of Directors 
(BoD) was elected 
by the 
Annual General 
Meeting of the 
Shareholders 
(AGM) held 
on 23 July 
2024 
for a 
three - year 
term of office 
that will expire 
on 23 July 2027, 
prolonged until 
the end of 
the period 
the AGM 
for the 
year 
2027 will take place.
The BoD of Eurobank Holdings is set out in note 48 to the consolidated financial statements. Personal details of the Directors 
are available on the website of Eurobank 
Holdings (www.eurobankholdings.gr).
Information required 
under Law 4548/2018 (article 97, 
par.1 
(b))
According to 
article 97 
par. 
1 (b) of 
Law 4548/2018 
the BoD 
members 
owe to 
disclose in a 
timely and 
adequate manner 
to 
the other 
members of 
the BoD 
their own 
interests, which may 
arise from 
the company's 
transactions, which 
fall within 
their 
duties, as well 
as any conflict 
of their 
interests with 
those of the 
company or its 
related companies. 
In such case 
and in line 
with the provisions 
of article 97 par 3 of the same law, 
the member of the 
BoD is not entitled to vote on issues in which there 
is a conflict of interest with his own company or persons 
with whom he is a related party. 
In these cases, decisions are taken 
by the other 
BoD members.
For 2024, the 
following issues were 
noted in which there was a conflict of interest 
with Eurobank Holdings:
For 
the purposes of 
discussions related 
to the proposed 
amendment of the 
Shareholders Agreement 
of Grivalia Hospitality 
S.A., 
which 
involved 
a 
business 
arrangement 
between 
Eurobank, 
a 
subsidiary 
of 
Eurobank 
Holdings, 
and 
certain 
related 
parties, the 
Board 
member 
Mr. 
B. Martin 
was not 
entitled to 
vote. 
This 
restriction 
was in 
accordance 
with paragraph 
3 of 
Article 97 
of Company 
Law 4548/2018, 
due to 
a conflict 
of interest 
arising from 
Mr. 
Martin’s position 
as Vice 
Chairman of 
Strategic 
Investments 
at 
Fairfax, 
a 
significant 
shareholder 
of 
Eurobank 
Holdings 
and 
a 
related 
party 
to 
the 
particular 
arrangement.
For 
the 
purposes 
of a) 
decisions 
relating 
to the 
Stock 
Options 
plan (4th 
series 
implementation) 
approved 
by 
the 
Annual 
General 
Meeting of Shareholders 
in 2020 b) approvals 
according to article 
86 of Law 4261/2014, 
the CEO 
Mr. Karavias 
and 
the Deputy 
CEOs Messrs. Ioannou 
and Vassiliou 
were 
not entitled to vote, 
according to the 
provisions 
of par. 
3 of art. 97 
of 
the Law 4548/2018, due to conflict of interests.
Related party transactions
As at 
31 December 
2024, the 
Group’s 
outstanding balances 
of the 
transactions 
and the 
relating net 
income 
/ expense 
for 
2024 with (a) the 
key management personnel 
(KMP) and the entities 
controlled or jointly controlled 
by KMP are: receivables 
€5.3m, liabilities €21.2m, net expense €9m (b) the Fairfax 
group (excluding Eurolife 
FFH Insurance Group 
Holdings S.A., which 
is also a Group’s associate) are: 
receivables €164.2m, liabilities €23.4m, guarantees issued €2.5m, net income 
€18.8m and (c) 
the associates 
and joint ventures 
and the Eurobank 
Group’s personnel 
occupational insurance 
fund
are: receivables 
€100m, 
liabilities €106m, net expense €69m.
KMP are 
entitled to 
compensation in 
the 
form 
of short-term 
employee 
benefits of 
€11.8m (2023: 
€8.3m) including 
€2.2m in 
upfront 
variable 
remuneration 
awarded 
as 
profit 
sharing, 
and 
long-term 
employee 
benefits 
amounting 
to 
€5.3m 
(2023: 
€1.4m) including €3.2m 
in deferred 
variable remuneration 
awarded as profit 
sharing and payable 
in equal instalments 
over 
the next 4-5 years. In addition, KMP have been granted €5.5m in variable remuneration 
through share options (2023: €7.8m), 
€3.3m 
of 
which 
relates 
to 
options 
exercisable 
in 
equal 
portions 
over 
the 
next 
4-5 
years. 
The 
variable 
remuneration 
was 
awarded, following 
the Annual 
General 
Meetings of the 
shareholders 
of the Company 
and the Bank 
taken place 
on 23 July 
2024, in accordance with the 
Company’s and the Bank’s remuneration 
policy.
At the same date, the 
Company’s outstanding balances of the 
transactions and the 
relating net income / expense 
for 
2024 
with (a) KMP are: compensation €0.4m that is referring 
mainly to KMP services provided by Eurobank S.A. in accordance 
with 
the 
relevant 
agreement, 
(b) 
the 
Fairfax 
group 
refer 
to 
receivables 
and 
operating 
income 
of 
€0.33m 
related 
to 
financial 
consulting 
services, 
(c) 
the 
subsidiaries 
are: 
receivables 
€1,822.5m, 
liabilities 
€0.8m 
and 
net 
income 
€355.2m 
and 
(d) 
the 
Group’s associate Eurolife 
FFH Insurance Group Holdings 
S.A. are: operating expense of €0.1m. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
15
|
Page 
€ = Euro 
m = million 
bn = billion
All transactions 
with related 
parties are 
entered into 
the normal 
course of 
business and 
are conducted 
on an arm's 
length 
basis. Further 
information 
is provided 
in the 
note 46 
to the 
consolidated financial 
statements 
and note 
19 to 
the 
financial 
statements of the Company.
External Auditors
The Eurobank 
Holdings’ Shareholders Annual General 
Meeting held on 23 July 2024 approved the appointment of KPMG, as 
statutory auditor for the 
financial statements (separate 
and consolidated) for the 
year ending 31 December 2024.
During 2024, 
the 
Audit Committee 
reviewed 
KPMG’s independence 
and effectiveness, 
along with 
its annual 
audit plan. 
In 
addition, the 
Audit Committee 
ensured 
on a 
quarterly 
basis that 
a) the 
non-audit services 
assigned to 
KPMG, have 
been 
reviewed 
and approved 
as required 
and b) there 
is a proper 
balance between 
the audit and 
non-audit fees 
paid to KPMG, 
in 
accordance 
with 
the 
relevant 
provisions 
of 
the 
Group’s 
Policy 
on 
External 
Auditors’ 
Independence 
(note 
47 
of 
the 
consolidated financial statements).
Corporate Governance 
Statement
In compliance with 
the art. 
17 of the 
Law 4706/2020 for 
the listed companies, 
which stipulates that 
listed companies should 
adopt and implement a corporate governance code, prepared by a recognized and reputable body, and following a relevant 
resolution 
of 
the 
Board 
of 
Directors 
of 
Eurobank 
Holdings 
on 
29 
September 
2021, 
Eurobank 
Holdings 
has 
adopted 
and 
implements 
the 
Hellenic 
Corporate 
Governance 
Code 
(Code). 
The 
Code 
has 
been 
posted 
on 
Eurobank 
Holdings’ 
website 
(www.eurobankholdings.gr). 
The Corporate 
Governance Statement 
for the year 
2024, attached herewith, 
is an integral part of the Directors’ 
Report, and 
outlines how 
the 
principles stipulated 
by the 
Code were 
applied, during 
2024, to 
Eurobank 
Holdings 
and to 
Eurobank 
S.A. 
(100% subsidiary of Eurobank Holdings).
Sustainability Statement
Under the Directive 
(EU) 2022/2464 and the Delegated Directive 
(EU) 2023/2775 as in force, 
which were transposed 
into the 
Greek legislation pursuant 
to Law 5164/2024 as in force, 
the Sustainability Statement 
for the 
year 2024, attached 
herewith, 
is an integral part 
of the Directors’ 
Report and provides the 
necessary information 
to understand the 
impact of the Group’s 
activities on sustainability, as well as the 
impact of sustainability on the progress, 
performance and position 
of the Group.
Georgios Zanias 
Fokion 
Karavias
Chairman 
Chief Executive Officer
7 March 2025

 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
16
|
Page 
€ = Euro 
m = million 
bn = billion
APPENDIX 
Definition of Alternative Performance 
Measures (APMs) in accordance with European 
Securities and Markets Authority 
(ESMA) guidelines, which are included in the 
Report of Directors/Financial Statements: 
a)
Loans to Deposits ratio:
 
Loans and advances 
to customers at 
amortised cost divided by 
due to customers 
at the 
end of the reported period, 
b)
Pre-Provision 
Income 
(PPI):
 
Profit 
from 
operations 
before 
impairments, 
provisions 
and 
restructuring 
costs 
as 
disclosed in the financial statements 
for the 
reported period, 
c)
Core 
income:
 
The 
total 
of 
net 
interest 
income, 
net 
banking 
fee 
and 
commission 
income 
and 
income 
from 
non 
banking services for 
the reported period, 
d)
Core Pre-provision 
Income (Core PPI):
 
The core 
income minus the operating 
expenses of the reported 
period, 
e)
Net Interest Margin (NIM):
 
The net interest income of the 
reported period, annualised and divided by the average 
balance of 
continued operations’ 
total assets 
(the 
arithmetic average 
of total 
assets, excluding 
those related 
to 
discontinued operations’, 
at the 
end of the 
reported period, 
at the 
end of interim 
quarters and 
at the 
end of the 
previous period), 
f)
Fees and commissions:
 
The total of net banking fee 
and commission income and 
income from non banking services 
of the reported period, 
g)
Fees and commissions over assets ratio: 
The Fees and commissions of the reported period, annualised 
and divided 
by 
the 
average 
balance 
of continued 
operations’ 
total 
assets (the 
arithmetic 
average 
of total 
assets, excluding 
those related to discontinued operations’, 
at the end of the 
reported period, at the 
end of interim quarters and at 
the end of the 
previous period),
 
h)
Income 
from 
trading 
and 
other 
activities
: 
The 
total 
of 
net 
trading 
income, 
gains 
less 
losses 
from 
investment 
securities and other 
income/ (expenses) of the 
reported period, 
i)
Cost to Income ratio:
 
Total 
operating expenses 
divided by total operating 
income, 
j)
Adjusted 
net 
profit: 
Net 
profit/loss 
attributable 
to 
shareholders 
excluding 
restructuring 
costs, 
goodwill 
impairment/ gain on acquisition, gains/losses related 
to the transformation 
and NPE reduction plans, contribution 
to Greek State’s infrastructure 
projects, 
net loss from discontinued operations 
and income tax adjustments, 
k)
Non-performing 
exposures 
(NPE):
 
NPE (in 
compliance 
with 
EBA Guidelines) 
are the 
Group’s 
material 
exposures 
which are more than 
90 days past-due or for 
which the debtor is assessed 
as unlikely to pay its credit 
obligations 
in full without 
realization of 
collateral, 
regardless of 
the existence 
of any past due 
amount or the 
number of days 
past due. The 
NPE, as reported herein, 
refer to 
the gross 
loans at amortised cost 
except for 
those that 
have been 
classified as held for 
sale, 
l)
NPE ratio:
 
NPE divided 
by gross 
loans and 
advances to 
customers 
at amortised 
cost at 
the 
end of 
the reported 
period, 
m)
NPE formation:
 
Net increase/decrease of NPE in the 
reported period excluding the 
impact of write offs, sales and 
other movements,
n)
NPE Coverage 
ratio:
 
Impairment allowance 
for loans 
and advances 
to customers 
and impairment 
allowance for 
credit related commitments 
(off balance sheet 
items), divided by NPE at the end 
of the reported period, 
o)
Provisions 
(charge) to 
average 
net loans 
ratio 
(Cost of Risk):
 
Impairment losses 
relating to 
loans and advances 
charged 
in 
the 
reported 
period, 
excluding 
the 
amount 
associated 
with 
loans 
and 
advances 
to 
customers 
at 
amortized cost classified 
as held for 
sale, 
annualised and divided 
by the 
average 
balance of loans 
and advances 
to customers at amortised cost (the 
arithmetic average 
of loans and advances to customers at amortised cost, at 
the end of the 
reported period, at the 
end of interim quarters and at the 
end of the previous 
period), 
p)
Return on 
tangible 
book 
value 
(RoTBV): 
Adjusted 
net 
profit 
divided 
by 
average 
tangible 
book 
value. 
Tangible 
book value is the total equity excluding preference 
shares, preferred 
securities and non controlling interests 
minus 
intangible assets, 
Definition of capital and other 
selected ratios 
in accordance with the 
regulatory framework, 
which are included in the 
Report of Directors/Financial Statements: 
a)
Total 
Capital 
Adequacy 
ratio:
 
Total 
regulatory 
capital 
as 
defined 
by 
Regulation 
(EU) 
No 
575/2013 
as 
in 
force, 
based on the transitional rules 
for the reported period, 
divided by total Risk Weighted Assets (RWA). 
The RWA 
are 
the Group’s 
assets and off-balance-sheet 
exposures, weighted according to risk factors 
based on Regulation (EU) 
No 575/2013, taking into account credit, 
market and operational 
risk, 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
17
|
Page 
€ = Euro 
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b)
Common Equity Tier 1 (CET1):
 
Common Equity Tier I regulatory 
capital as defined by Regulation 
(EU) No 575/2013 
as in force, 
based on the transitional 
rules for the 
reported period, divided by 
total RWA, 
c)
Fully loaded Common 
Equity Tier 
I (CET1):
 
Common Equity 
Tier 
I regulatory 
capital as 
defined by 
Regulation No 
575/2013 as in force, 
without the application 
of the relevant transitional 
rules, divided by total RWA, 
d)
Liquidity Coverage Ratio (LCR):
 
The total amount of high quality liquid assets divided by the net liquidity 
outflows 
for a 30-day stress period, 
e)
Minimum Requirements for Eligible Own Funds and Eligible Liabilities (MREL) ratio: 
The sum of i) total regulatory 
capital (at 
Eurobank 
S.A. consolidated 
level) as 
defined by 
Regulation (EU) 
No 575/2013 as in 
force, 
based on the 
transitional rules 
for the 
reported period 
ii) part of any Tier 
2 instruments to the 
extent that it 
does not qualify as 
Tier 2 capital (amortized part counts towards MREL), and iii) 
liabilities issued by Eurobank S.A. that meet the MREL-
eligibility criteria set out in Regulation (EU) No 575/2013 
as in force, 
divided by RWA. 
The 
following 
table 
presents 
the 
components 
of 
the 
calculation 
of 
the 
above 
APMs, 
which 
are 
derived 
from 
the 
Company’s 
consolidated 
financial 
statements 
for 
the 
year 
ended 
31 
December 
2024 
and 
for 
the 
year 
ended 
31 
December 2023: 
Components of Alternative Performance 
Measures 
€ million 
FY 2024 
FY 2023 
Net Interest Income 
⁽
¹
⁾
2,507 
2,174 
Fees and commissions 
666 
544 
Total Operating 
income 
3,341 
2,914 
Total Operating 
income, excluding the gain on investment 
in Hellenic Bank
⁽
²
⁾
3,242 
2,803 
Total Operating 
expenses excluding the contribution to Greek 
State’s 
infrastructure projects 
⁽
³
⁾
(1,071) 
(902) 
Pre-provision 
income (PPI) 
2,242 
1,999 
Pre-provision 
income (PPI), excluding the gain on investment 
in Hellenic Bank and 
the contribution to Greek State’s 
infrastructure projects 
2,170 
1,902 
Core Pre-provision 
income (Core PPI) excluding the 
contribution to Greek State’s 
infrastructure projects 
2,101 
1,816 
Net profit/(loss) from continued operations 
1,511 
1,281 
Restructuring costs, after tax 
(121) 
(29) 
Gain on investment in Hellenic Bank (as an associate) 
99.5 
111 
Contribution to Greek State’s infrastructure 
projects, before 
tax 
(27) 
(14) 
Contribution to Greek State’s infrastructure 
projects, after tax 
(19) 
(10) 
Impairment loss/reversal 
on projects "Solar" and "Leon", after tax 
11 
(48) 
Impairment loss/reversal 
on projects "Solar" and "Leon", before 
tax 
16 
(67) 
Adjusted net profit 
1,484 
1,256 
Net profit attributable to shareholders 
1,448 
1,140 
Net loss from discontinued operations 
(7) 
(141) 
Impairment losses relating to loans and advances 
(303) 
(412) 
NPE formation
⁽⁴⁾
222 
138 
Non performing exposures (NPE) 
1,719 
1,512 
NPE excluding Hellenic Bank NPEs covered 
by Asset Protection Scheme 
(APS) 
1,530 
1,512 
Due to customers 
78,593 
57,442 
Gross Loans and advances to customers 
at amortized cost 
52,245 
42,773 
Impairment allowance for 
loans and advances to customers 
(1,309) 
(1,258) 
Impairment allowance for 
credit related commitments 
(63) 
(48) 
Impairment allowance for 
NPE of Hellenic Bank covered by APS 
(19) 
 
- 
Due to customers (Greek operations) 
43,287 
39,950 
Gross Loans and advances to customers 
at amortized cost (Greek operations) 
34,682 
32,308 
Impairment allowance for 
loans and advances to customers (Greek 
operations) 
(998) 
(1,003) 
Average 
balance of continued operations’ 
total assets 
⁽⁵⁾
91,721 
79,106 
Average 
balance of loans and advances to customers 
at amortized cost 
⁽⁶⁾
46,237 
40,645 
Average 
balance of tangible book value 
⁽⁷⁾
8,024 
6,957 
(1) 
4Q2024 NIM: Net 
interest income 
of the 
fourth 
quarter 2024 (€677m), 
annualised, divided by 
the average 
balance of 
continued 
operations’ 
total 
assets 
(€100,372m). 
The 
average 
balance 
of 
continued 
operations’ 
total 
assets, 
has 
been 
calculated 
as 
the 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
18
|
Page 
€ = Euro 
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arithmetic 
average 
of their 
balances 
at 
the 
end of 
the 
reporting period 
(31 December 
2024: €101,150 
m) and 
at 
the 
end of 
third 
quarter (30 September 2024: €99,593m).
(2) 
International 
Operations: 
Operating 
income: 
€1,260m 
(2023: 
€778m). 
Greek 
operations: 
Operating 
income: 
€1,982 
m 
(2023: 
€2,025m). 
(3)
 
International 
Operations: 
Operating 
expenses: 
€408m 
(2023: 
€258m). 
Greek 
operations: 
Operating 
expenses: 
€663m 
(2023: 
€644m).
(4) 
NPEs 
formation 
has 
been 
calculated 
as 
the 
increase 
of 
NPE 
in 
2024 
€18m, 
after 
deducting 
the 
impact 
of 
write-offs 
€95m, 
classifications as held for 
sale / sales €242m and other movements 
(€133m) including the NPE stock from Hellenic Bank acquisition. 
(5)
The average balance of continued operations’ 
total assets, has been calculated as the arithmetic average of their balances at the 
end of the reporting period (31 December 2024: €101,150 
m), at the end of interim quarters (30 September 2024: €99,593m, 30 June 
2024: €98,725m and 31 March 2024: 
€79,356m), and at the end of the previous period (31 December 2023: €79,781m). 
The respective 
figures for 
31 December 
2023: €79,781 
m, 30 
September 2023: 
€78,023m 30 
June 2023: 
€79,137 
m 
31 March 
2023: €79,538 
and 31 
December 2022: €79,052m.
(6)
The 
average 
balance of 
loans and 
advances to 
customers measured 
at amortized 
cost , 
has been 
calculated as 
the 
arithmetic 
average 
of their 
balances 
at the 
end of 
the 
reporting 
period 
(31 December 
2024: €50,936m), 
at the 
end of 
interim quarters 
(30 
September 2024: 
€49,095 
m, 30 
June 2024: 
€48,093m 
and 31 
March 2024: 
€41,546m), and 
at 
the 
end of 
the 
previous 
period (31 
December 2023 
€41,515m). The 
respective figures 
for 
31 December 
2023: €41,515m, 
30 September 
2023: €40,734m 
30 June 
2023: 
€40,604m 
31 March 2023: €40,137 and 31 December 2022: €40,237m.
(7)
 
The 
average 
balance 
of 
tangible 
book 
value, 
has 
been 
calculated 
as 
the 
arithmetic 
average 
of 
the 
total 
equity 
minus 
the 
intangible assets and non 
controlling interests 
at the 
end of the 
reporting period (31 
December 2024: €8,484m) 
and at the 
end of 
the previous 
period (31 
December 2023: 
€7,565m).
The 
respective figures 
for 31 
December 2023: 
€7,565m 
and 31 December 
2022: 
€6,340m. 
Note: For the 
purpose of calculating the 2024 average balances used in the ratios 
a) NIM, b) Fees and commissions over assets and 
c) 
Cost 
of 
risk, 
the 
balances 
as 
of 
30 
June 
2024 
for 
continued 
operations’ 
total 
assets 
and 
loans 
and 
advances 
to 
customers 
measured at amortized cost have been adjusted to include the 
impact of respective balances for 
Hellenic Bank group. 
Source of financial Information 
The 
Directors’ 
Report 
includes 
financial 
data 
and 
measures 
as 
derived 
from 
the 
Company’s 
consolidated 
financial 
statements for the year ended 31 December 2024 
and for the year ended 
31 December 2023, which have 
been prepared 
in accordance 
with International 
Financial Reporting 
Standards (IFRS). 
In addition, 
it includes information 
as derived 
from 
internal 
information 
systems, 
consistent 
with 
the 
Group’s 
accounting 
policies, 
such 
as 
the 
selected 
financial 
information 
for 
the 
Group’s 
two 
main 
reportable 
segments 
a) 
Greek 
Operations, 
which 
incorporate 
the 
business 
activities originated 
from the 
Company, 
the Bank 
and the 
Greek subsidiaries 
and b) International 
Operations, 
which 
incorporate 
the 
business activities 
originated from 
the 
banks and 
the 
other 
local subsidiaries 
operating 
in Bulgaria, 
Cyprus and Luxembourg (as described at the 
relevant section on page 4).

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
1
|
Page 
CORPORATE GOVERNANCE 
STATEMENT 
2024 
Index to the Corporate Governance 
Statement 
1.
Introduction ................................................................................................................................................................................. 
3
2.
Adoption of the Hellenic Corporate 
Governance Code .................................................................................................... 
3
3.
Corporate Governance 
and Key Policies .............................................................................................................................. 
3
3.1 
Internal Governance 
Control Manual ................................ 
................................ 
................................ 
................................ 
............... 3 
3.2 
Board Nomination Policy ................................ 
................................ 
................................ 
................................ 
................................ 
........ 
3 
3.3 
CEO Succession Planning................................ 
................................ 
................................ 
................................ 
................................ 
........ 
5 
3.4 
Board Evaluation Policy ................................ 
................................ 
................................ 
................................ 
................................ 
........... 
5 
3.5 
Board of Directors Diversity 
Policy 
................................ 
................................ 
................................ 
................................ 
..................... 6 
3.6 
Remuneration 
Policy................................ 
................................ 
................................ 
................................ 
................................ 
.................. 6 
3.7 
Board and Board Committees’ Attendance 
Policy 
................................ 
................................ 
................................ 
.................... 7 
3.8 
Directors’ Induction and Continuous Professional 
Development Process 
................................ 
................................ 
...... 7 
3.9 
Group Governance 
Policy 
................................ 
................................ 
................................ 
................................ 
................................ 
....... 7 
3.10 
Conflicts of interest Policy ................................ 
................................ 
................................ 
................................ 
................................ 
...... 
8 
3.11 
Other Key 
Policies 
................................ 
................................ 
................................ 
................................ 
................................ 
....................... 8 
4.
Shareholders’ General 
Meeting ..............................................................................................................................................8
4.1 
Information about the 
Eurobank Holdings General 
Meetings 
................................ 
................................ 
............................. 9 
4.1.1 
Requirements for 
calling and convening the General 
Meetings 
................................ 
................................ 
........... 
9 
4.1.2 
Participation and proxies ................................ 
................................ 
................................ 
................................ 
......................... 9 
4.1.3 
Annual General Meeting (AGM) 
of the shareholders ................................ 
................................ 
................................ 
. 
9 
4.2 
Information about the 
Eurobank General 
Meetings 
................................ 
................................ 
................................ 
............... 10 
4.2.1 
Annual General Meeting (AGM) 
of the shareholders ................................ 
................................ 
............................... 10 
5.
Board of Directors .................................................................................................................................................................... 
11
5.1 
General 
................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
............ 11 
5.2 
Composition of the Board ................................ 
................................ 
................................ 
................................ 
................................ 
..... 11 
5.3 
CVs of Board Board 
members and Secretary ................................ 
................................ 
................................ 
............................ 12 
5.4 
Re-election, Cessation, and Independence of Board 
Members ................................ 
................................ 
......................... 17 
5.5 
Division of responsibilities ................................ 
................................ 
................................ 
................................ 
................................ 
.... 18 
5.5.1 
Chairperson................................ 
................................ 
................................ 
................................ 
................................ 
.................... 18 
5.5.2 
CEO ................................................................ 
................................ 
................................ 
................................ 
................................ 
.... 18 
5.5.3 
Executive Directors ................................ 
................................ 
................................ 
................................ 
................................ 
..... 18 
5.5.4 
Non-Executive Directors ................................ 
................................ 
................................ 
................................ 
.......................... 19 
5.6 
Operation of the 
Board ................................ 
................................ 
................................ 
................................ 
................................ 
......... 19 
5.6.1 
Board Meetings................................ 
................................ 
................................ 
................................ 
................................ 
............ 19 
5.6.2 
Dissemination of Information ................................ 
................................ 
................................ 
................................ 
............... 19 
5.6.3 
Quorum in the Board Meetings ................................ 
................................ 
................................ 
................................ 
........... 19 
5.6.4 
Board Decisions and Minutes ................................ 
................................ 
................................ 
................................ 
............... 19 
5.6.5 
Company Secretary ................................ 
................................ 
................................ 
................................ 
................................ 
.. 
20 
5.7 
Attendance of Board members 
in the Board and Board Committees ................................ 
................................ 
......... 20 
5.8 
Directorships of Board members ................................ 
................................ 
................................ 
................................ 
...................... 21 
5.8.1 
HoldCo and Eurobank Board 
Members’ Directorships (including Directorships within 
Eurobank 
 
Group) as at 31.12.2024 ................................................................ 
................................ 
................................ 
........................... 22 
5.9 
Board Role and Responsibilities 
................................ 
................................ 
................................ 
................................ 
....................... 23 
5.10 
Main issues the Board dealt with during 2024 ................................ 
................................ 
................................ 
......................... 24 
5.10.1 
Eurobank Holdings 
................................ 
................................ 
................................ 
................................ 
................................ 
..... 24 
5.10.2 
Bank 
................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
.. 
25 
5.10.3 
Board Strategy Day ................................ 
................................ 
................................ 
................................ 
................................ 
.. 
28 
5.11 
Board and Board Committees overall 
effectiveness 
assessment ................................ 
................................ 
................... 28 
5.11.1 
Board and Board Committees Evaluation ................................ 
................................ 
................................ 
.................... 28 
5.11.2 
Assessment of the knowledge, 
skills and experience (KSE) of the Board 
collectively as well as 
 
the KSE and contribution of individual Board members. ................................ 
................................ 
....................... 29 
5.11.3 
Individual Evaluations 
................................ 
................................ 
................................ 
................................ 
.............................. 29 
5.11.4 
Collective Suitability Assessment................................ 
................................ 
................................ 
................................ 
....... 30 
5.12 
Directors’ Induction and Continuous Professional 
Development ................................ 
................................ 
.................... 30 
6.
Board Committees .................................................................................................................................................................. 
30
6.1 
Governance and Operations 
of Board Committees 
................................ 
................................ 
................................ 
............... 31 
6.1.1 
Board Committees’ members ................................ 
................................ 
................................ 
................................ 
............... 31 
6.1.2 
Board Committees’ Terms 
of Reference (ToR) ................................ 
................................ 
................................ 
............. 31 
6.1.3 
Board Committees’ meetings ................................ 
................................ 
................................ 
................................ 
............... 31 
6.1.4 
Quorum in the Board Committees’ 
Meetings 
................................ 
................................ 
................................ 
............... 31 
6.1.5 
Board Committees’ Decisions 
................................ 
................................ 
................................ 
................................ 
............... 31 
6.1.6 
Board Committees’ Secretary and Minutes ................................ 
................................ 
................................ 
.................. 31 
6.1.7 
Board Committees’ Performance 
Evaluation ................................ 
................................ 
................................ 
............... 31 
6.2 
Audit Committee 
................................ 
................................ 
................................ 
................................ 
................................ 
....................... 31 
6.2.1 
AC Membership/Composition 
................................ 
................................ 
................................ 
................................ 
.............. 32 
6.2.2 
AC Meetings................................ 
................................ 
................................ 
................................ 
................................ 
.................. 32 
6.2.3 
Attendance to the AC Meetings ................................ 
................................ 
................................ 
................................ 
......... 32 
6.2.4 
AC’s Performance 
Evaluation 
................................ 
................................ 
................................ 
................................ 
............... 33 
6.2.5 
ACs’ Activity in 2024 ................................................................ 
................................ 
................................ 
................................ 
. 
33 
6.3 
Board Risk Committee ................................ 
................................ 
................................ 
................................ 
................................ 
.......... 36 
6.3.1 
BRC Membership/Composition 
................................ 
................................ 
................................ 
................................ 
........... 36 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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6.3.2 
BRC Meetings 
................................ 
................................ 
................................ 
................................ 
................................ 
................ 
37 
6.3.3 
Attendance to the BRC Meetings ................................ 
................................ 
................................ 
................................ 
....... 
37 
6.3.4 
BRCs’ Performance 
Evaluation 
................................ 
................................ 
................................ 
................................ 
............. 
37 
6.3.5 
BRCs’ Activity in 2024 
................................ 
................................ 
................................ 
................................ 
.............................. 38 
6.4 
Remuneration 
Committee 
................................ 
................................ 
................................ 
................................ 
................................ 
.. 39 
6.4.1 
RemCos Membership/Composition ................................ 
................................ 
................................ 
................................ 
.. 39 
6.4.2 
RemCos meetings 
................................ 
................................ 
................................ 
................................ 
................................ 
...... 40 
6.4.3 
Attendance to the RemCo meetings ................................ 
................................ 
................................ 
............................... 40 
6.4.4 
RemCo’s Performance 
Evaluation ................................ 
................................ 
................................ 
................................ 
..... 40 
6.4.5 
RemCos' Activity in 2024................................ 
................................ 
................................ 
................................ 
........................ 40 
6.5 
Nomination and Corporate Governance 
Committee 
................................ 
................................ 
................................ 
........... 42 
6.5.1 
NomCo Membership/Composition ................................ 
................................ 
................................ 
................................ 
... 43 
6.5.2 
NomCo Meetings ................................ 
................................ 
................................ 
................................ 
................................ 
....... 43 
6.5.3 
Attendance to the NomCo meetings ................................................................ 
................................ 
............................... 43 
6.5.4 
NomCos’ Performance 
Evaluation ................................ 
................................ 
................................ 
................................ 
.... 43 
6.5.5 
NomCos’ Activity in 2024 
................................ 
................................ 
................................ 
................................ 
....................... 44 
6.5.6 
Board of Directors Diversity 
................................ 
................................ 
................................ 
................................ 
.................. 45 
6.5.7 
Senior Management Diversity ................................ 
................................ 
................................ 
................................ 
............. 45 
6.6 
Board Digital & Transformation 
Committee 
................................ 
................................ 
................................ 
.............................. 46 
6.6.1 
BDTC Membership / Chairmanship ................................ 
................................ 
................................ 
................................ 
... 
46 
6.6.2 
BDTC Meetings 
................................ 
................................ 
................................ 
................................ 
................................ 
............ 46 
6.6.3 
BDTC Attendance 
Rate 
................................ 
................................ 
................................ 
................................ 
........................... 46 
6.6.4 
BDTC Performance 
Evaluation 
................................ 
................................ 
................................ 
................................ 
............. 
47 
6.6.5 
BDTC’s Activity in 2024 ................................ 
................................ 
................................ 
................................ 
............................ 47 
7.
Management Committees 
..................................................................................................................................................... 
47
7.1 
Management Committees’ Policy 
................................ 
................................ 
................................ 
................................ 
..................... 47 
7.2 
Executive Board (ExBo)................................ 
................................ 
................................ 
................................ 
................................ 
.......... 48 
7.2.1 
CVs of ExBo members (other 
than BoD members) ................................ 
................................ 
................................ 
... 
48 
7.3 
Strategic Planning Committee................................ 
................................ 
................................ 
................................ 
........................... 51 
7.4 
Management Risk Committee 
................................ 
................................ 
................................ 
................................ 
........................... 52 
7.5 
Group Asset and Liability Committee (G-ALCO) ................................ 
................................ 
................................ 
..................... 52 
7.6 
Central Credit Committees ................................ 
................................ 
................................ 
................................ 
................................ 
. 
55 
7.6.1 
Central Credit Committee I 
................................ 
................................ 
................................ 
................................ 
................... 55 
7.6.2 
Central Credit Committee II ................................ 
................................ 
................................ 
................................ 
................. 55 
7.7 
Troubled Assets Committee................................ 
................................ 
................................ 
................................ 
................................ 56 
7.8 
Products & Services Committee 
(PSC) 
................................ 
................................ 
................................ 
................................ 
.......... 56 
7.9 
Sustainability Management Committee (SMC) 
................................ 
................................ 
................................ 
........................ 56 
7.10 
Ethics Co ................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
........ 
57 
8.
Key Control 
Functions ............................................................................................................................................................ 
57
8.1 
Internal Audit................................ 
................................ 
................................ 
................................ 
................................ 
............................... 57 
8.1.1 
Eurobank Holdings 
................................ 
................................ 
................................ 
................................ 
................................ 
...... 
57 
8.1.2 
Eurobank 
................................ 
................................ 
................................ 
................................ 
................................ 
......................... 58 
8.2 
Risk Management 
................................ 
................................ 
................................ 
................................ 
................................ 
.................... 59 
8.2.1 
Eurobank Holdings 
................................ 
................................ 
................................ 
................................ 
................................ 
..... 59 
8.2.2 
Eurobank 
................................ 
................................ 
................................ 
................................ 
................................ 
......................... 59 
8.3 
Compliance ................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
. 
60 
8.3.1 
Eurobank Holdings 
................................ 
................................ 
................................ 
................................ 
................................ 
..... 60 
8.3.2 
Eurobank 
................................ 
................................ 
................................ 
................................ 
................................ 
.......................... 61 
8.4 
Personal Data Protection 
................................ 
................................ 
................................ 
................................ 
................................ 
.... 
62 
8.4.1 
Eurobank Holdings 
................................ 
................................ 
................................ 
................................ 
................................ 
..... 62 
8.4.2 
Eurobank 
................................ 
................................ 
................................ 
................................ 
................................ 
......................... 62 
9.
System of Internal Controls .................................................................................................................................................. 
62
9.1 
Principles of Internal Controls 
................................ 
................................ 
................................ 
................................ 
............................ 62 
9.2 
Characteristics of the 
System of Internal Controls (SIC) 
................................ 
................................ 
................................ 
...... 63 
9.3 
Evaluation of the System of Internal 
Controls 
................................ 
................................ 
................................ 
........................... 64 
9.4 
Independent Evaluation of the HoldCo/Bank 
System of Internal Controls ................................ 
................................ 64 
9.5 
Corporate Governance 
System Assessment in accordance with article 4 par. 
1 of Law 4706/2020 
............. 64 
10.
Sustainability ........................................................................................................................................................................... 
64
10.1 
Sustainability Approach ................................ 
................................ 
................................ 
................................ 
................................ 
....... 64 
10.2 
Sustainability Policies & Frameworks ................................ 
................................ 
................................ 
................................ 
............ 65 
10.3 
Stakeholders engagement and 
double materiality assessment ................................ 
................................ 
..................... 66 
10.4 
Reporting and Transparency ................................ 
................................ 
................................ 
................................ 
............................. 66 
11.
Other information 
required by Directive 
2004/25/EU 
.................................................................................................... 
67

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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1.
Introduction 
In accordance with Article 152(1) 
and Article 153(3) 
of Law 4548/2018, Law 
4706/2020, and the Hellenic Corporate Governance 
Code, 
the 
Report 
of 
the 
Board 
of 
Directors 
of 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
(the 
"Company", 
"Eurobank 
Holdings", "Holdings", or "HoldCo") includes the 
Corporate Governance 
Statement, which addresses the 
following key 
areas: 
●
Adoption of the Hellenic Corporate 
Governance Code 
●
Corporate Governance 
and Key Policies 
●
Shareholders’ General 
Meeting 
●
Board of Directors 
●
Board of Directors’ Committees 
●
Management Committees 
●
Key Control Functions 
●
System of Internal Controls 
●
Sustainability 
●
Additional Disclosures Required by 
Directive 2004/25/EU
2.
Adoption of the Hellenic Corporate 
Governance Code 
In 
compliance 
with 
Article 
17 
of 
Law 
4706/2020, 
which 
requires 
listed 
companies 
to 
adopt 
and 
implement 
a 
corporate 
governance 
code 
issued 
by 
a 
recognized 
and 
reputable 
body, 
Eurobank 
Holdings 
has 
adopted 
and 
applies 
the 
Hellenic 
Corporate Governance 
Code (the "Code"). 
The Code is available on Eurobank 
Holdings’ website (https://www.eurobankholdings.gr). 
Given that 
the Eurobank 
Holdings Group 
(the "Group") 
primarily comprises Eurobank 
S.A. ("Eurobank" 
or the 
"Bank") and its 
subsidiaries (the 
"Eurobank 
Group"), this 
Corporate 
Governance 
Statement outlines 
how the 
principles set 
out in 
the Code 
were implemented 
across both Eurobank 
Holdings and Eurobank throughout 
2024. 
3.
Corporate Governance 
and Key Policies 
The 
corporate 
governance 
framework 
of 
the 
Group, 
aligned 
with 
the 
applicable 
legal 
and 
regulatory 
requirements 
and 
international 
best 
practices, 
ensures 
that 
HoldCo, 
the 
Bank, 
and 
their 
subsidiaries 
operate 
with 
credibility, 
responsibility, 
fairness, and transparency, 
safeguarding the interests 
of their shareholders 
and all other stakeholders. 
In this context, 
HoldCo and the 
Bank have established 
a comprehensive 
set of policies 
and procedures, 
which are regularly 
reviewed 
and approved 
by the 
respective Board 
of Directors (BoD) and/or 
Board Committees, as required. 
The Key 
Policies 
governing HoldCo and the 
Bank are outlined below. 
3.1
Internal Governance Control 
Manual 
The Internal Governance Control Manual (IGCM) of Eurobank Holdings and Eurobank has been developed in 
accordance with 
Law 4706/2020 to ensure 
compliance with regulatory 
requirements 
and internal governance 
policies. The 
IGCM defines the 
overarching 
framework 
by 
which 
each 
Company 
is 
directed 
and 
controlled, 
serving 
as 
a 
formal 
record 
of 
the 
high-level 
internal control principles in operation. 
The 
policies and 
controls 
outlined in 
both 
the HoldCo 
IGCM and 
Bank IGCM 
are designed 
to minimize 
the risk 
of errors 
or 
financial losses, protect the interests of 
shareholders and depositors, and 
ensure full compliance with 
regulatory requirements 
at all times. 
The HoldCo IGCM and Bank 
IGCM provide a high-level overview of control policies, while 
more detailed operating procedures 
are 
documented 
in 
individual 
procedures 
and 
manuals 
maintained 
by 
their 
respective 
units. 
Subsidiaries 
are 
required 
to 
establish their 
own IGCMs 
and/or procedures 
manuals and 
to adopt 
the 
Group’s 
policies where 
applicable. The 
principles 
outlined 
in the 
IGCM 
apply across 
all units 
and subsidiaries, 
except 
where 
local 
circumstances 
or regulations 
necessitate 
deviations. 
Each IGCM 
includes a high-level 
organizational chart 
and a brief 
description of 
the key 
responsibilities of 
the main 
control 
functions within HoldCo and 
Eurobank. These 
manuals are supplemented by 
the procedures 
manuals of individual units and 
subsidiaries, which provide a written description of the 
uppermost levels of the 
Group’s System of Internal Controls. 
3.2
Board Nomination Policy 
The 
HoldCo/Banks’ 
Board 
Nomination 
Policy 
sets 
out 
the 
guidelines 
and 
formal 
process 
for 
identifying, 
selecting, 
and 
nominating candidates for the 
Board. It ensures that appointments 
are made: 
(a) in compliance with legal and regulatory requirements, 
(b) with due regard to the 
expectations of major shareholders, and 
(c) based on individual merit and ability, 
following best practices. 

 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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The primary objectives 
of this Policy are 
to: 
●
Define 
the 
general 
principles 
that 
guide 
the 
Nomination 
and 
Corporate 
Governance 
Committee 
(NomCo) 
in 
all 
stages of the nomination process, 
●
Establish specific criteria and requirements for 
Board nominees, 
●
Ensure a transparent, efficient, 
and fit-for-purpose nomination process, 
and 
●
Maintain a Board structure—including succession planning—that meets high ethical standards, achieves 
an optimal 
balance of knowledge, skills, and experience, 
and aligns with current regulatory 
requirements. 
●
Nomination Criteria 
The Board, supported 
by NomCo, shall nominate candidates who meet the 
following criteria: 
1. Reputation, Honesty, 
Integrity, and Trust 
●
Reputation: Candidates 
must have a 
strong reputation 
and high social esteem, 
demonstrating good 
repute in line 
with the applicable regulatory 
framework’s 
standards for honesty and integrity. 
●
Honesty, 
Integrity, 
and Trust: 
Candidates should 
exemplify the 
highest standards 
of ethics, 
honesty, 
fairness, 
and 
personal discipline, as evidenced by their 
professional track 
record, personal history, 
and public commitments. 
2. Knowledge, Skills, Experience (KSE), and General 
Suitability 
●
Understanding of 
the 
HoldCo/Bank: Candidates 
must possess 
sufficient knowledge, 
skills, and 
experience 
(KSE) to 
develop a thorough 
and up-to-date understanding of the 
business, governance 
structures, regulatory environment, 
markets, stakeholders, 
and risks associated with the HoldCo 
and its subsidiaries. 
●
Seniority: A candidate must have several 
years of experience in a recognized leadership position within their field of 
expertise. 
●
Independent 
Mindset 
and 
Ability 
to 
Challenge: 
Candidates 
should 
demonstrate 
the 
ability 
to 
form 
and 
express 
independent judgments on all 
matters before the Board, along with the candor to 
challenge management and other 
Board members when 
necessary. 
●
Collegiality, 
Teamwork, 
and 
Leadership: 
Candidates 
should 
contribute 
constructively 
and 
productively 
to 
Board 
discussions and decision-making, with the capability to lead discussions as a Committee Chair, Vice-Chair, or Board 
Chair. 
●
Additional 
Criteria 
for 
Executive 
Directors: 
Candidates 
for 
Executive 
Director 
positions 
must 
have 
demonstrated 
leadership capabilities 
through current 
or previous executive 
roles, along 
with the 
necessary expertise to 
guide the 
HoldCo/Bank in achieving its strategic 
objectives. They 
must also be willing to enter 
into full-time employment 
with 
the HoldCo/Bank. 
3. Conflicts of Interest and Independence of Mind 
NomCo shall 
assess candidates' 
personal, professional, 
financial, and 
political 
affiliations 
to ensure 
that they 
do not 
have 
actual, potential, 
or perceived 
conflicts of interest 
that cannot 
be prevented, 
adequately mitigated, or 
managed under the 
HoldCo/Bank’s policies. Candidates 
must be able to represent 
the interests 
of all shareholders, 
fulfill their responsibilities 
as 
Directors, and make sound, objective, 
and independent decisions. 
NomCo shall also examine candidates’ 
direct and indirect 
monetary and non-monetary interests, 
including their affiliations 
with or membership in other 
organizations. 
4. Time Commitment 
NomCo 
shall 
ensure 
that 
all 
nominees 
can 
dedicate 
the 
time 
required 
to 
effectively 
discharge 
their 
responsibilities 
as 
Directors. This includes their 
ability to attend and actively participate in Board 
and Committee meetings on a regular basis. 
5. Collective Suitability 
The Board, 
as a whole, must have the 
ability to understand the 
institution’s activities, assess 
the associated risks, 
and make 
informed decisions aligned 
with the institution’s business 
model, risk appetite, strategy, 
and market operations. 
The 
composition 
of 
the 
Board 
should 
reflect 
the 
necessary 
knowledge, 
skills, 
and 
experience 
required 
to 
fulfill 
its 
responsibilities. The Board 
should collectively possess expertise in: 
●
The institution’s 
core business and its associated risks, 
●
All material activities of the HoldCo/Bank, 
●
Sector-specific 
and 
financial 
competencies, 
including 
financial 
and 
capital 
markets, 
solvency, 
risk 
modeling, 
and 
environmental, social, and governance 
(ESG) risks, 
●
Financial accounting and reporting, 
●
Risk management, compliance (including AML/CFT), and internal 
audit, 
●
Information and digital technology, 
including cybersecurity, 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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●
Local, regional, and global markets, 
where applicable, 
●
The legal and regulatory 
framework, 
●
Strategic planning and managerial experience, 
●
Oversight of (inter)national 
group structures and risks related 
to group governance, 
●
Corporate governance, 
●
ESG issues, and 
●
Gender representation, in accordance 
with the Board Diversity 
Policy. 
Succession Planning 
As part of its 
oversight of the nomination process, NomCo shall ensure the implementation of structured, stepwise succession 
planning to maintain 
continuity and institutional 
knowledge at the Board level. This is 
particularly critical in 
managing sudden 
or unexpected absences or departures of Board 
members. 
To this end, NomCo shall: 
●
Monitor 
Board 
members’ 
tenures 
and 
ensure 
staggered 
appointments 
and 
retirements 
whenever 
feasible. 
The 
reappointment of existing Board members shall be based on their continued adherence to the criteria set out in this 
Policy. 
●
Ensure an appropriate distribution of relevant 
KSEs across the Board, 
preventing undue reliance 
on the expertise of 
a few Directors. 
●
Assess whether 
a sufficient 
number 
of Board 
members 
are capable 
of assuming 
leadership roles, 
including Board 
and Committee Chair positions. 
●
Periodically evaluate the availability of suitable candidates to 
address the Board’s future succession planning needs. 
●
Consider both: 
a) the objectives and targets 
defined in the HoldCo/Bank Board 
Diversity Policy, 
and 
b) the 
findings of 
the 
HoldCo 
and Bank 
Board Evaluations, 
ensuring necessary 
changes in 
composition or 
skills to 
enhance effectiveness 
and collective suitability. 
The 
CEO 
Succession 
Planning 
Policy, 
which 
is 
supplementary 
to 
this 
Policy, 
sets 
out 
the 
framework 
for 
CEO 
succession 
planning. 
3.3
CEO Succession Planning 
The 
HoldCo/Bank’s 
CEO 
Succession 
Planning 
Policy 
(the 
Policy) 
plays 
a 
crucial 
role 
in 
ensuring 
a 
seamless 
leadership 
transition. The 
key elements of the 
Policy are as follows: 
●
Qualifications 
for 
the 
CEO 
Position: 
The 
Nomination 
and 
Corporate 
Governance 
Committee 
(NomCo), 
in 
collaboration 
with 
the 
current 
CEO, 
defines 
the 
qualifications 
required 
for 
the 
CEO 
role. 
This 
ensures 
that 
the 
successor possesses the necessary skills, experience, 
and leadership attributes to guide the organization effectively. 
●
Viable 
Pool 
of 
Candidates: 
NomCo 
ensures 
that 
a 
strong 
pipeline 
of 
candidates 
meets 
the 
CEO 
position’s 
requirements. 
This includes 
evaluating internal 
candidates within 
the 
organization 
while also 
considering external 
candidates when appropriate. 
●
Annual Review: NomCo reviews the qualifications and candidate pool at 
least annually to 
ensure that the succession 
planning process 
remains 
aligned 
with 
the 
organization’s 
evolving 
needs, 
regulatory 
expectations, 
and 
strategic 
direction. 
●
Selection 
Process: 
NomCo 
leads the 
CEO 
selection 
process, 
evaluating 
candidates 
based 
on their 
qualifications, 
leadership capabilities, experience, 
and alignment with the organization’s 
culture and strategic objectives. 
●
Tailored 
Induction 
Program: 
Once 
a 
new 
CEO 
is 
selected, 
NomCo 
approves 
a 
customized 
induction 
program 
to 
ensure 
a 
smooth 
transition. 
This 
program 
provides 
the 
new 
CEO 
with 
the 
necessary 
knowledge, 
resources, 
and 
support to succeed in the role 
from the outset. 
Overall, 
the 
CEO 
Succession 
Planning 
Policy 
ensures 
that 
the 
organization 
is 
well-prepared 
for 
leadership 
transitions, 
maintaining continuity, stability, 
and effectiveness 
at the highest level 
of management. 
3.4
Board Evaluation Policy 
The 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
of 
Eurobank 
Holdings 
and 
Eurobank 
establishes 
the 
principles, 
framework, 
and process for the 
annual assessment of the effectiveness 
of the Board of Directors and its Committees at both 
the HoldCo and the 
Bank. The Policy 
aspires to align with best European 
banking practices 
while fully complying with Greek 
and European legal and regulatory requirements. 
Under this Policy, 
the Nomination and Corporate 
Governance Committee (NomCo) 
holds the overall 
responsibility for: 
●
Assessing the structure, size, composition, and performance 
of the Board and its Committees, 
●
Recommending to the Board any necessary 
changes to enhance effectiveness, 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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●
Evaluating the collective 
suitability of the Board as a whole, as well as the 
suitability and contributions of individual 
Board members, and 
●
Reporting its findings and recommendations to the 
Board accordingly. 
3.5
Board of Directors Diversity 
Policy 
The 
HoldCo/Bank 
Board 
of 
Directors 
Diversity 
Policy 
reflects 
the 
organization’s 
commitment 
to 
diversity 
in 
line 
with 
international best practices 
and applicable legal requirements. 
According to the Policy, 
Board diversity encompasses multiple factors, 
including: 
●
Skills and expertise, 
●
Educational and professional 
background, 
●
Geographical origin, 
●
Gender, 
●
Age, and 
●
Other relevant 
attributes that contribute to a well-balanced 
and effective Board. 
The 
NomCo is 
responsible 
for 
incorporating 
diversity 
considerations 
when 
assessing the 
composition and 
structure 
of the 
Board. 
During 
the 
Board 
collective 
suitability 
review, 
NomCo 
members 
discuss 
and 
define 
measurable 
objectives 
for 
enhancing 
Board 
diversity. 
These 
objectives 
guide 
the 
(re)appointment 
and 
succession 
planning 
of 
individual 
Board 
members, 
in 
accordance with the 
Board and Board Committees Evaluation Policy. 
A key target outlined in the Policy is gender diversity. 
Specifically, NomCo so far aimed for at least 25% representation 
of the 
less represented 
gender on the 
Board, calculated 
based on the 
total Board 
size, according to 
legal requirements. 
After the 
publication of Law 5178/2025, the 
intention is to properly comply to its provisions. 
3.6
Remuneration Policy 
Eurobank Holdings has established 
a Board of Directors’ Remuneration 
Policy (Remuneration 
Policy) in accordance 
with the 
requirements 
of Law 4548/2018 
(the Law). 
The latest 
version 
of the 
Policy 
was approved 
by the 
Annual General 
Meeting of 
Shareholders 
on 23 July 
2024. The 
Policy 
has been designed 
to comply with 
the specific 
provisions 
of Articles 110 
and 111 of 
the Law. 
The Remuneration 
Policy sets 
out the fundamental 
principles and structure 
governing the 
remuneration 
of Board members. 
Its primary objective is to ensure that remuneration 
is: 
●
Reasonable and aligned with market standards, 
●
Gender-neutral, promoting 
equal treatment, and 
●
Sufficiently 
competitive 
to 
attract 
and 
retain 
Directors 
with 
the 
necessary 
skills 
and 
experience 
to 
implement 
Eurobank Holdings’ business 
strategy effectively. 
Additionally, 
the Policy 
safeguards the 
long-term interests 
and sustainability of the 
organization by 
discouraging excessive 
risk-taking. This is achieved through continuous monitoring of market trends and best practices at both domestic and global 
levels. 
The 
Policy 
is informed 
by external 
and independent 
benchmarking analyses 
of remuneration 
in the 
financial and 
banking 
sectors, both in Greece and internationally. This benchmarking ensures that the remuneration 
framework for 
Board members 
remains aligned with industry best practices. 
In addition, the development 
and implementation of the Remuneration 
Policy are characterized 
by: 
●
Objectivity and transparency throughout 
the process, 
and 
●
Independent 
judgment 
and 
discretion 
by 
the 
Board 
when 
approving 
or 
recommending 
remuneration, 
ensuring 
alignment with both individual and Company performance. 
Remuneration Report 
In compliance 
with Article 112(3) 
of Law 4548/2018, 
Eurobank Holdings 
publishes an 
annual Remuneration 
Report, detailing 
the remuneration 
and financial benefits granted to each Executive 
and Non-Executive Director during the 
financial year. 
The 
Eurobank 
Holdings 
Remuneration 
Report 
for 
2024 
(
https://www.eurobankholdings.gr
) 
was 
approved 
by 
the 
Annual 
General 
Meeting on 
23 July 
2024. The 
report 
provides 
comprehensive 
and transparent 
disclosure 
of Board 
remuneration, 
ensuring efficient communication with 
shareholders and stakeholders. 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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GOVERNANCE STATEMENT 
 
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Remuneration Structure 
Non-Executive Directors 
●
Fixed Remuneration 
Only: Non-Executive 
Directors receive 
fixed remuneration, 
which is 
annually approved 
by the 
Annual General Meeting. They 
are not eligible for variable remuneration. 
●
Board 
Fees: 
Their 
fixed remuneration 
consists of 
Board 
Fees, 
determined 
based 
on their 
roles 
on the 
Board 
and 
Committees, their expected contribution, and the 
additional time and effort 
required for 
their responsibilities. 
Executive Directors 
●
Employment Contracts: Executive 
Directors are employed 
by the Bank under permanent, indefinite contracts. 
These 
contracts require a three 
-month notice period in case 
of resignation. 
●
Remuneration 
Structure: 
o
Executive Directors 
receive remuneration 
under their 
employment contracts 
and do not receive 
additional 
compensation for their 
role as Board members. 
o
Variable 
Remuneration: 
Any 
variable 
remuneration 
awarded 
follows 
the 
provisions 
of 
the 
Bank’s 
Remuneration 
Policy and is subject to approval by 
the Shareholders' 
General Meeting. 
Remuneration Governance 
Given 
the 
identical 
composition 
of 
the 
Boards 
of 
Eurobank 
Holdings 
and 
Eurobank, 
and 
the 
fact 
that 
Directors 
are 
compensated 
solely 
by 
the 
Bank, 
any 
reference 
to 
Board 
remuneration 
at 
Eurobank 
Holdings 
also 
applies 
to 
their 
remuneration 
as Directors of the Bank. 
The 2024 Board and key management 
remuneration 
disclosure is included in the relevant note of the 
consolidated accounts 
of 
Eurobank 
Holdings. 
To 
ensure 
market 
transparency 
regarding 
remuneration 
structures 
and 
associated 
risks, 
this 
information is publicly available 
on the Eurobank 
Holdings website (
www.eurobankholdings.gr
). 
3.7
Board and Board Committees’ Attendance 
Policy 
In 
accordance 
with 
the 
Board 
and 
Board 
Committees’ 
Attendance 
Policy 
of 
Eurobank 
Holdings 
and 
Eurobank, 
Board 
members are expected to attend all Board 
and Committee meetings to which they are appointed. 
However, 
it is 
recognized 
that, on 
occasion, 
Board 
members 
may be 
unable to 
attend certain 
meetings due 
to conflicting 
commitments 
or 
unforeseen 
circumstances. 
To 
ensure 
active 
participation, 
each 
member 
must 
maintain 
a 
minimum 
attendance rate of 85% over 
the course of the calendar 
year. 
Board members may miss up to 15% of scheduled 
meetings, but only if a valid excuse is provided. 
Additionally, 
in accordance 
with Law 
4706/2020, 
if a 
Board 
member 
is unjustifiably 
absent from 
at 
least two 
consecutive 
Board meetings, 
they shall be 
considered resigned. 
This resignation 
is formally established 
through a Board 
decision, which 
subsequently initiates the replacement 
process in accordance 
with the applicable legal framework. 
3.8
Directors’ Induction and Continuous Professional 
Development Process 
All new Board members 
undergo a comprehensive 
Induction Program, 
designed to ensure a smooth and effective 
transition 
into their roles. 
The program 
aims to: 
1.
Communicate the vision and corporate 
culture of Eurobank Holdings and 
Eurobank, 
2.
Introduce practical 
and procedural responsibilities 
to facilitate a seamless onboarding 
process, 
3.
Accelerate 
productivity by reducing the 
time needed to familiarize new 
members with their roles, 
4.
Integrate new Directors 
as valued members of the Board, 
5.
Provide insight into the organizational 
structure of the HoldCo/Bank, and 
6.
Offer a comprehensive 
understanding of the business, strategy, 
market dynamics, key relationships, 
and leadership 
team of the HoldCo/Bank. 
Upon 
appointment, 
new 
Board 
members 
also 
receive 
a 
Manual 
of 
Obligations, 
which 
outlines 
their 
core 
responsibilities 
towards the 
Supervisory Authorities 
and the 
HoldCo/Bank. This 
manual includes guidance 
on local regulatory 
requirements 
and Board procedure 
s. 
Additionally, 
newly 
appointed 
Directors 
participate 
in 
meetings 
and 
presentations 
with 
key 
executives 
to 
gain 
a 
holistic 
overview of the 
organization. 
Recognizing 
the 
importance 
of 
continuous 
professional 
development, 
Eurobank 
Holdings 
and 
Eurobank 
provide 
ongoing 
learning resources to support the 
knowledge and skill enhancement of all Board 
members. 
3.9
Group Governance 
Policy 
In compliance with the regulatory 
framework, 
the Group Governance 
Policy of Eurobank 
Holdings and Eurobank establishes 
general 
governance 
principles 
for 
the 
Group 
entities, 
sets 
common 
governance 
standards, 
and 
defines 
authorities, 
responsibilities, and expectations, ensuring the 
Group operates 
as a unified entity with a cohesive strategic 
direction. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
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The 
policy integrates 
internal governance 
by clarifying 
the 
distinct roles 
of the 
parent company 
and its 
subsidiaries, while 
also setting principles related to board composition, roles and responsibilities, chairmanship, board committees, nomination 
processes, 
board 
diversity, 
CEO 
succession 
planning, 
board 
evaluations, 
professional 
development, 
management 
committees, governance manuals, 
and corporate governance 
codes. 
By 
harmonizing 
governance 
practices 
across 
the 
Group, 
the 
policy 
promotes 
accountability, 
transparency, 
and 
effective 
decision-making at all levels. 
3.10
Conflicts of interest Policy 
Eurobank 
Holdings and 
Eurobank 
have 
implemented 
a Conflicts 
of Interest 
Policy, 
approved 
by their 
respective 
Boards of 
Directors, to establish a comprehensive 
framework 
for identifying, preventing, 
and managing actual, potential, or perceived 
conflicts of interest 
arising from 
the Group’s 
business activities. This 
policy includes 
a structured set 
of policies, procedures, 
systems, and controls to uphold ethical 
standards and ensure transparent decision 
-making. 
To prevent 
conflicts of duties, the Group has implemented 
procedural 
safeguards that: 
●
Segregate executive 
and non-executive responsibilities at 
the Board 
level, ensuring a clear 
distinction between the 
Chairperson of the Board and the 
CEO’s executive functions, 
●
Prevent incompatible roles 
and conflicts of interest among Board members, 
Management, and Executives, and 
●
Mitigate the misuse of inside information 
or corporate assets. 
Board members are 
expected to: 
●
Adhere to high ethical 
standards and comply with the principles set out in the 
Conflicts of Interest Policy, 
●
Act independently, making sound, objective, 
and impartial decisions, 
●
Disclose any personal interests that may conflict with 
the interests of Eurobank 
Holdings or the Group, 
●
Maintain confidentiality 
of non-public 
information 
and avoid 
any conduct 
that 
could constitute 
market 
abuse or 
create a conflict of interest. 
Board members are 
required to disclose: 
●
All external engagements, directorships, or affiliations 
outside the Group, 
●
Any new or ongoing circumstances that could 
affect their 
independence of mind or create a conflict of interest. 
All actual or potential conflicts of interest at the 
Board level must be: 
●
Communicated, documented, and discussed, 
●
Decided upon and managed by the Group, 
●
Mitigated 
through 
specific 
measures 
for 
unexpected 
conflicts, 
while 
persistent 
conflicts 
are 
managed 
through 
continuous oversight. 
Board 
members 
must 
abstain 
from 
voting 
on 
matters 
where 
they 
have 
an 
identified 
conflict 
of 
interest, 
ensuring 
transparency, 
impartiality, and effective 
governance. 
3.11
Other Key Policies 
In addition 
to the 
above policies, 
Eurobank 
Holdings and 
Eurobank 
have established, 
among others, 
the following 
policies, 
which form an integral part of their 
corporate governance 
framework: 
the Code of Conduct and Ethics, the 
Anti-Bribery and 
Corruption Policy, 
and the Policy for 
Reporting Illegal or Unethical Conduct or Violations 
of European Union Law. 
4.
Shareholders’ General 
Meeting 
The 
Shareholders’ 
General 
Meeting 
(General 
Meeting) 
serves 
as 
the 
highest 
authority 
within 
Eurobank 
Holdings 
and 
Eurobank and is convened 
by the respective 
Board of Directors to address all matters concerning 
the entity. 
It holds exclusive 
jurisdiction over 
matters specified in 
Article 117 of Company 
Law 4548/2018, including 
amendments to 
the 
Articles of 
Association. Every 
shareholder 
has the 
right to 
participate and 
vote 
at the 
General 
Meeting, either 
in person 
or 
through a legal representative, 
in accordance with the prescribed 
legal procedures. 
For 
the General 
Meeting to reach a 
quorum and be considered 
valid, shareholders 
present or represented 
must collectively 
hold at 
least 20% 
(1/5) of 
the 
paid-in share 
capital associated 
with voting 
shares. 
Resolutions 
are 
passed by 
an absolute 
majority and are 
binding on both absent 
and dissenting shareholders. However, for significant decisions such as share capital 
changes or mergers, 
a higher 
quorum of at 
least 50% (1/2) 
of the 
paid-in share 
capital is 
required, and 
resolutions must 
be 
approved by a two 
-thirds (2/3) majority. 
According to Article 119(1) of Law 
4548/2018, the Annual General Meeting must be held no later than the tenth (10th) calendar 
day 
of 
the 
ninth 
month 
following 
the 
end 
of 
the 
business 
year. 
Additionally, 
an 
Extraordinary 
General 
Meeting 
may 
be 
convened by the Board 
of Directors when deemed necessary 
or required by law. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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Minutes of the 
General 
Meeting are authenticated 
by the 
Chairperson and the 
Secretary of the 
meeting, and the 
standard 
minority rights outlined in Company Law 4548/2018 apply. 
4.1
Information about the 
Eurobank Holdings 
General Meetings 
4.1.1
Requirements for calling 
and convening the General 
Meetings 
All persons registered as shareholders of ordinary shares 
of Eurobank Holdings in the Dematerialized Securities System 
(DSS), 
managed by Hellenic Central 
Securities Depository S.A., on the 
Record Date—specifically, 
at the start of the 
fifth day before 
the General 
Meeting—are entitled to participate 
and vote in the 
HoldCo General 
Meeting. This Record Date 
also applies to 
any Repeat Meeting. 
Shareholders 
are 
informed 
in advance 
about the 
agenda of 
each 
General 
Meeting, 
and new 
technologies 
are 
utilized 
to 
facilitate 
their 
participation. 
At least 
20 days 
before 
the 
meeting, 
shareholders 
are 
provided 
with access 
to all 
necessary 
information, in full 
compliance with Greek law. 
The Notice 
of General Meeting includes: 
●
The date, time, and place 
of the meeting, 
●
The agenda items, 
●
Participation and voting 
rights, along with the relevant 
procedures, 
●
Minority shareholder rights, and 
●
Relevant documents made available to shareholders. 
All resolutions and related 
information from 
each General Meeting are 
published under the Investor 
Relations section of the 
Eurobank Holdings website. 
4.1.2
Participation and proxies 
Eurobank 
Holdings 
facilitates 
shareholder 
participation 
in 
General 
Meetings. All 
shareholders 
have 
the 
right to 
attend 
in 
person or appoint a proxy, 
who must be designated at least 48 hours before the 
meeting date. 
If shareholders' questions 
regarding agenda items are 
not addressed during the 
General Meeting, Eurobank 
Holdings has a 
structured process in place 
to provide the relevant 
responses. 
4.1.3
Annual General Meeting (AGM) 
of the shareholders 
The 
Annual General 
Meeting of Eurobank 
Holdings’ shareholders 
was held 
on July 23, 
2024, remotely 
via teleconference 
in 
real-time. Shareholders representing 
2,849,603,397 shares out of 3,664,399,104 
shares (excluding 52,080,673 treasury shares, 
in accordance 
with Article 
50(1) of Law 
4548/2018) participated, 
corresponding 
to 77.76% 
of the 
paid-up share 
capital with 
voting rights on the agenda items. 
The General 
Meeting: 
1.
Approved, with a majority exceeding the minimum required by law, the Annual Separate and Consolidated Financial 
Statements for the 
financial year 2023, along with the 
Directors’ and Auditors’ Reports. 
2.
Approved, 
with a majority 
exceeding the 
minimum required 
by law, 
the overall 
management for 
the financial 
year 
2023, as well as the 
discharge of the Auditors for the 
same period. 
3.
Approved, with 
a majority exceeding the minimum required 
by law: 
a)
The 
appointment 
of 
KPMG 
Certified 
Auditors 
S.A. 
(KPMG) 
as 
the 
statutory 
auditor 
for 
the 
Annual 
and 
Consolidated Financial Statements of the 
Company for the 
financial year 2024. 
b)
The approval 
of KPMG’s fees for the 
2024 audit, amounting to €0.3 million. 
4.
Approved, 
with 
a 
majority 
exceeding 
the 
minimum 
required 
by 
law, 
the 
dividend 
distribution 
to 
shareholders, 
amounting to €342 million, from the “Special Reserves” account, and authorized the Board of Directors to undertake 
all necessary actions for its implementation. 
5.
Approved, 
with 
a 
majority 
exceeding 
the 
minimum 
required 
by 
law, 
the 
amendment 
of 
Articles 
8 
and 
9 
of 
the 
Company’s Articles of Association, updating paragraphs 
1 and 2 of Article 8 and paragraph 5 of Article 9. 
6.
Approved, with 
a majority exceeding the minimum required 
by law: 
a)
The addition 
of a new 
Article 11 to the 
Company’s Articles of Association, 
allowing for 
the remuneration 
of 
Board 
members 
through 
participation 
in 
the 
profits 
of 
the 
respective 
financial year, 
in accordance 
with 
Article 109(2) of Law 4548/2018. 
b)
The renumbering 
of Articles 11, 12, 13, 14, and 15 to Articles 12, 13, 14, 15, 
and 16, respectively. 
7.
Approved, 
with 
a 
majority 
exceeding 
the 
minimum 
required 
by 
law, 
the 
distribution 
of 
€404,330 
to 
senior 
management and employees of the 
Company from the “Special 
Reserves” account. 
8.
Approved, with 
a majority exceeding the minimum required 
by law: 
(i)
The cancellation 
of 52,080,673 treasury shares, in accordance 
with Article 49 of Law 4548/2018. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
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(ii)
The reduction 
of the Company’s share 
capital by €11,457,748.06, 
corresponding to the 
nominal value of the 
cancelled shares (€0.22 per share). 
(iii)
The amendment 
of Article 5 of the Company’s Articles of Association to reflect 
the share capital reduction. 
9.
Approved, with 
a majority exceeding the minimum required 
by law, in accordance 
with Article 86 of Law 4261/2014, 
a higher than 100% maximum level 
of the ratio 
between fixed and variable remuneration 
for the CEO, three 
Deputy 
CEOs, Group Chief Risk Officer, 
Group Chief Financial Officer, 
General Manager 
Group Strategy, 
General Manager 
Markets, and CEO of Eurobank Cyprus 
Ltd & Head of International Activities & Group Private 
Banking. 
10.
Approved, 
with a majority exceeding 
the minimum required 
by law, 
the amendment 
of the Remuneration 
Policy for 
Directors of the Company. 
11.
Approved, 
with a 
majority exceeding 
the minimum 
required 
by law, 
the remuneration 
paid to 
Board members 
for 
the 
financial year 
2023, 
for 
their 
roles 
as Board 
members 
and Committee 
members, 
and the 
remuneration 
to be 
paid for the financial year 
2024. 
12.
Casted a positive vote on the 
Remuneration 
Report for the financial year 
2023. 
13.
Approved, 
with a 
majority exceeding 
the 
minimum required 
by law, 
the 
amendment 
of the 
Nomination 
Policy 
for 
Board Directors. 
14.
Approved, with 
a majority exceeding the minimum required 
by law: 
(a)
The 
election 
of the 
following 
individuals as 
Board 
members, 
with their 
term 
of office 
expiring on 
July 23, 
2027, 
extended until the conclusion of the 
Annual General Meeting of 2027: 
-
Konstantinos Vassiliou 
-
Alice Gregoriadi 
-
George Zanias 
-
Stavros Ioannou 
-
Fokion 
Karavias 
-
Evangelos Kotsovinos 
-
Irene Rouvitha Panou 
-
Cinzia Basile 
-
Burkhard Eckes 
-
John Hollows 
-
Rajeev Kakar 
-
Bradley Paul Martin 
-
Jawaid Mirza 
(b)
The appointment 
of Alice Gregoriadi, Evangelos 
Kotsovinos, Irene 
Rouvitha Panou, Cinzia 
Basile, Burkhard 
Eckes, John Hollows, Rajeev 
Kakar, and Jawaid Mirza as independent non-executive 
Board members. 
15.
Approved, with 
a majority exceeding the minimum required 
by law: 
(a) 
The Audit Committee 
to function as a Committee of the 
Board of Directors, composed of Board 
members. 
(b) 
The Audit Committee to consist of five independent non-executive 
Board members. 
(c) 
The term of office of the Audit Committee members to coincide with their term as Board members, 
expiring 
on July 23, 2027, 
extended until the conclusion of the Annual 
General Meeting of 2027. 
16.
Was informed 
on the Annual Activity Report of the Audit Committee 
for the financial year 
2023. 
17.
Was informed 
on the Independent Non-Executive Directors’ 
Report. 
All 
information 
regarding 
the 
AGM 
of 
Eurobank 
Holdings 
can 
be 
found 
on 
the 
Eurobank 
Holdings 
website: 
Eurobank Holdings AGM 
2024
. 
4.2
Information about the 
Eurobank General 
Meetings 
Following 
the demerger, 
Eurobank Holdings 
became 
the sole 
shareholder 
of Eurobank, 
holding 100% 
of its 
share capital. 
In 
accordance 
with 
Article 
121(5) 
of Law 
4548/2018, 
a formal 
invitation 
to convene 
a General 
Meeting is 
not 
required 
if the 
meeting 
is 
attended 
or 
represented 
by 
shareholders 
holding 
the 
entire 
share 
capital 
and 
none 
of 
them 
objects 
to 
its 
convening or decision-making. 
In this context, the following 
General Meeting of Eurobank 
was held. 
4.2.1
Annual General Meeting (AGM) 
of the shareholders 
The Annual 
General 
Meeting of Eurobank’s 
shareholders 
was held 
on July 23, 
2024, in Athens, 
at Eurobank’s 
Headquarters, 
12 
Stadiou 
Street 
& 
2 
Omirou 
Street. 
The 
sole 
shareholder, 
Eurobank 
Holdings, 
participated, 
representing 
3,683,244,830 
shares, corresponding to 100% of the 
paid-up share capital with voting 
rights on the agenda items. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The General 
Meeting: 
1.
Approved 
the Annual 
Separate 
and Consolidated Financial 
Statements for 
the financial 
year 2023, 
along with the 
Directors’ and Auditors’ Reports. 
2.
Approved the overall 
management for the financial year 2023 
and the discharge of 
the Auditors for the same period. 
3.
Appointed KPMG Certified Auditors S.A. as Auditors for the 
financial year 2024. 
4.
Approved the 
amendment of Articles 8 and 9 of the Bank’s Articles of Association. 
5.
Approved the 
addition of a new Article 11 to the Bank’s Articles of Association regarding 
the remuneration 
of Board 
members and the renumbering 
of Articles 11, 12, 13, and 14 accordingly. 
6.
Approved the 
distribution of net profits to the 
senior management and employees 
of the Bank. 
7.
Approved, 
pursuant to 
Article 86 
of Law 
4261/2014, a 
higher 
than 100% 
maximum level 
of the 
ratio 
between fixed 
and variable remuneration 
for nine executives. 
8.
Approved the 
remuneration 
for the financial year 2023 and the 
advance payment of remuneration 
for the Directors 
for the financial year 
2024. 
9.
Approved 
the election 
of a new 
Board of 
Directors due 
to the 
expiration 
of the 
term of 
the current 
Board and 
the 
appointment of independent non-executive Board 
members. 
10.
Determined the type and composition of the 
Audit Committee. 
11.
Was informed 
on the Annual Activity Report of the Audit Committee 
for the financial year 
2023. 
5.
Board of Directors 
5.1
 
General 
The 
HoldCo/Bank are 
managed by 
their respective 
Boards of 
Directors (Board 
or BoD), which 
bear collective 
responsibility 
for their long-term success. The Boards exercise their duties in compliance 
with Greek legislation, international best practices, 
their Articles of Association, and the 
legitimate decisions of the shareholders’ 
General Meetings. 
The Board’s role 
is to provide entrepreneurial 
leadership to the Group 
within a framework 
of prudent and effective 
controls, 
enabling the identification, assessment, and management of risks. It establishes the Group's strategic objectives, ensures the 
availability 
of 
financial 
and 
human 
resources 
necessary 
to 
achieve 
these 
objectives, 
and 
evaluates 
management 
performance. 
Additionally, 
the 
Board 
defines the 
Group’s 
values and 
standards, 
ensuring that 
its responsibilities 
towards 
shareholders and other 
stakeholders are 
recognized and fulfilled. 
All Board members are 
required to act in the best interests 
of the Group, in full alignment 
with their legal duties. 
5.2
Composition of the Board 
The 
members 
of the 
Board are 
elected by 
the General 
Meetings of Eurobank 
Holdings and 
Eurobank, 
which determine 
the 
exact number of directors and their term of office, in accordance with legal provisions 
and the Articles of Association of both 
entities. The 
General Meetings also designate 
the independent non-executive directors. 
During 2024: 
●
The Boards of Directors of 
HoldCo and Eurobank, by their 
decisions dated May 
30, 2024, and 
June 28, 2024, 
following 
the respective 
recommendations of the 
Nomination and Corporate 
Governance Committees (NomCos) on May 28, 
2024, and 
June 26, 
2024, proposed 
to the 
Annual General 
Meetings (AGMs) 
of July 
23, 2024, 
the appointment 
of 
Mr. Evangelos Kotsovinos 
as an independent non-executive director (iNED) of the 
BoDs. 
●
Following 
the announcement by 
Mr. Georgios 
Chryssikos (Non-Executive Director, 
Vice Chair of the previous 
Board) 
regarding his decision 
not to seek 
renewal of 
his term, the 
necessity of the 
Vice Chair 
role 
was reviewed. 
The BoDs 
of 
HoldCo 
and 
Eurobank, 
in 
their 
meetings 
dated 
May 
30, 
2024, 
and 
June 
28, 
2024, 
following 
the 
NomCos' 
recommendations 
on May 28, 
2024, and June 
26, 2024, 
decided to discontinue 
the role 
of Vice 
Chair on the 
BoDs 
and certain Committees 
(NomCo, RemCo, and BDTCo) 
upon the conclusion 
of Mr. 
Chryssikos’ term. 
Going forward, 
in the event of the Chair’s absence 
or impediment, the most senior iNED present at the meeting—based on tenure—
shall assume the Chair’s duties. 
●
Due to the expiration of the Boards’ tenure, 
the AGMs of HoldCo and Eurobank on July 23, 2024, appointed the new 
Boards for 
a three-year 
term, extending until 
the AGMs 
of 2027. 
The AGMs 
also designated the 
independent non-
executive members 
of the 
Boards. The 
new BoDs, 
in accordance 
with the 
BoD decisions 
dated May 
30, 2024, 
and 
June 28, 
2024, following 
the 
NomCos' recommendations 
on May 
28, 2024, 
and June 
26, 
2024, comprised 
the 
re-
election of twelve (12) previous 
Board members and the 
election of one (1) new member, 
Mr. Evangelos Kotsovinos. 
●
In accordance 
with the 
above 
AGM decisions 
and the 
NomCos’ recommendations 
dated May 
28, 2024, 
and June 
26, 2024, the new BoDs, in their meeting of 
July 23, 2024, decided on 
their constitution, the appointment of the Chief 
Executive 
Officer 
(CEO) and 
Deputy Chief 
Executive 
Officers 
(DCEOs), and 
the 
designation 
of executive 
and non-
executive directors. 
For efficiency 
reasons, the composition of HoldCo’s 
BoD is identical to that of Eurobank’s 
BoD. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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GOVERNANCE STATEMENT 
 
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Following 
these 
developments, 
as 
of 
the 
date 
of 
approval 
of 
this 
Statement, 
the 
current 
Boards 
consist 
of 
thirteen 
(13) 
directors, categorized as follows: 
●
Three (3) executive directors, 
●
Two (2) non-executive 
directors, and 
●
Eight (8) independent non-executive directors. 
Name 
Position 
Eurobank Holdings 
Eurobank 
First 
appointment 
End of 
Term 
First 
appointment 
End of 
Term 
Georgios P. 
Zanias 
Chairperson, Non-Executive Director 
Mar. 2019 
2027
Mar. 2020 
2027 
Fokion 
C. Karavias 
Chief Executive Officer 
Jun. 2014 
2027 
Mar. 2020 
2027 
Stavros E. Ioannou 
Deputy Chief Executive Officer 
Apr. 2015 
2027 
Mar. 2020 
2027 
Konstantinos V. 
Vassiliou 
Deputy Chief Executive Officer 
July 2018 
2027 
Mar. 2020 
2027 
Bradley Paul L. Martin 
Non-Executive Director 
Jun. 2014 
2027 
Mar. 2020 
2027 
Rajeev K. L. Kakar 
Non-Executive Independent Director 
July 2018 
2027 
Mar. 2020 
2027 
Jawaid A. Mirza 
Non-Executive Independent Director 
Jun. 2016 
2027 
Mar. 2020 
2027 
Alice K. Gregoriadi 
Non-Executive Independent Director 
Apr. 2020 
2027 
Apr. 2020 
2027 
Irene Rouvitha Panou 
Non-Executive Independent Director 
Apr. 2020 
2027 
Apr. 2020 
2027 
Cinzia V. 
Basile 
Non-Executive Independent Director 
Dec. 2020 
2027 
Dec. 2020 
2027 
Burkhard Eckes 
Non-Executive Independent Director 
Jul. 2023 
2027 
Jul. 2023 
2027 
John Arthur Hollows 
Non-Executive Independent Director 
Jul. 2023 
2027 
Jul. 2023 
2027 
Evangelos Kotsovinos 
Non-Executive Independent Director 
Jul. 2024 
2027 
Jul. 2024 
2027 
5.3
CVs of Board Board 
members and Secretary 
The short 
CVs of the 
HoldCo and Eurobank 
Board members, 
summarized below, 
demonstrate that 
the Boards’ 
composition 
aligns with 
the knowledge, 
skills, and 
experience 
necessary for 
the effective 
execution of 
their duties. 
This is 
in accordance 
with the Board Nomination 
Policy and the business model 
and strategy of HoldCo and Eurobank. 
Additionally, the directorships held by HoldCo and Eurobank Board members as of December 31, 2023, are outlined 
in Section 
"Directorships of Board Members". 
Georgios Zanias - Chairperson, Non-Executive 
Director
-
Membership in Board Committees: Nomination and Corporate 
Governance Committee 
– Member 
-
Year of birth: 1955 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: None 
Mr. Zanias 
joined Eurobank 
as the 
Chairman of the 
Board of Directors 
in 2019. 
He is also a 
Professor 
Emeritus of 
Economics 
at the Athens University 
of Economics and Business and a Member of the 
Board of IOBE. 
In the past, Mr Zanias has served 
as the Minister of Finance 
(2012), Chairman of the Board of Directors 
of the National 
Bank 
of Greece 
(2012-2015), Chairman of 
the Board 
of the 
Hellenic Banking Association 
(2012-2015), Member 
of the Board 
of the 
European Banking Federation 
(2012-2015), Member of the Board of 
the American-Greek Chamber of Commerce ( 2019-2022), 
Chairman of 
the 
Council of 
Economic Advisors 
at the 
Ministry of 
Finance (2009-2012), 
General 
Secretary of 
the 
Ministry of 
Economy and Finance (2001-2004), Chairman and Scientific Director of the 
National Economic Institute (KEPE) (1998-2001). 
He has also served 
as a Director on 
the Boards 
of Hellenic Exchanges (2000-2001), 
Public Debt Management Office 
(PDMA) 
(2009-2012), 
General 
Bank 
(1997-1998), 
CHIPITA 
SA 
(2015-2019), 
the 
European 
Financial 
Stability 
Mechanism 
(EFSF/ESM) 
(2010-2012). Also: Member of the Board 
of Governors of the 
Black Sea Trade 
and Development Bank (2003-2004), 
Alternate 
Governor 
of 
the 
Board 
of 
Governors 
of 
EBRD 
(2002-2004), 
Member 
of 
the 
European 
Securities 
Committee 
(2001-2002), 
Member of 
the 
Monetary Policy 
Committee of 
the 
Bank of 
Greece 
(May-July 2012), 
Chairman of 
the 
Board of 
Directors of 
Piraeus Real Estate SA and Picar SA (2017-2019), Vice 
Chairman of the Board of ETVA 
Industrial Zone SA (2018-2019). 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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He holds a Doctorate from Oxford University, 
an M.Sc. for the University of Reading and a B.Sc. from the Athens University 
of 
Economics and Business. 
Fokion 
Karavias-Chief Executive Officer 
(CEO) 
-
Membership in Board Committees: None 
-
Year of birth: 1964 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 775,878 
Mr. Karavias 
joined Eurobank in 1997 and served, 
inter alia, as Member of the BoD of Eurobank 
Private Bank Luxembourg SA 
(2012-2022), 
Senior 
General 
Manager, 
Group 
Corporate 
& 
Investment 
Banking, 
Capital 
Markets 
& 
Wealth 
Management 
(2014-2015) and Executive 
Committee Member (2014-2015), 
General Manager and Executive Committee 
Member (2005-2013), 
Deputy General Manager 
and Treasurer 
(2002-2005), Head of fixed income and derivative product 
trading (1997). 
In the past, 
Mr. Karavias 
had also the 
following 
significant posts: Treasurer 
of Telesis 
Investment Bank (2000), 
Head of fixed 
income products 
and derivatives 
in Greece of 
Citibank, Athens 
(1994) and has also 
worked in 
the Market 
Risk Management 
Division of JPMorgan NY (1991). 
He currently 
also serves 
as Vice 
Chairman of 
the 
Board of 
Directors ofHellenic 
Bank Association 
(HBA) , 
as Member 
of the 
General Council of the Hellenic 
Federation 
of Enterprises (SEV) 
and as 
Honorary Member of The Greek Tourism Confederation 
(SETE).He holds a PhD in Chemical Engineering from the University of Pennsylvania, Philadelphia, USA and 
an MA in Chemical 
Engineering from 
the same 
university, 
as well 
as a Diploma 
in Chemical 
Engineering from 
the National 
Technical 
University 
of Athens. He has published articles on topics related 
to his academic research. 
Stavros Ioannou-Deputy Chief Executive Officer 
(CEO), Group Chief Operating 
Officer (COO) & International 
Activities 
-
Membership in Board Committees: Board Digital and Transformation 
Committee - Member 
-
Year of birth: 1961 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 358,145 
Mr. 
Ioannou holds 
several 
other 
posts in 
the 
Eurobank 
Group as 
Head of 
International 
Activities & 
Group Private 
Banking, 
Member of the BoD 
of Eurobank Private Bank 
Luxembourg S.A (since October 2024), 
Member of the BoD 
of Eurobank Bulgaria 
AD (since October 2015), Vice-Chairman in Eurobank 
Cyprus Ltd (since November 2022) and is also the Chairman of the BoD 
inBE-Business 
Exchanges 
SA 
(since 
January 
2014). 
He 
has 
been 
appointed 
as 
the 
responsible 
BoD 
member 
of 
Eurobank 
Holdings and Eurobank for 
climate-related and environment 
al risks and for the outsourcing 
function. 
He is currently Non-Executive Board 
member of Grivalia Management Company S.A. (since 
September 2019). 
In the past, 
Mr. Ioannou 
had also the following 
significant posts: he 
was appointed Chief Executive 
Officer 
at Eurobank 
A.D. 
Beograd (2005-2008), Chairman of the 
Executive Committee in the 
Hellenic Banking Association (2020-2022) 
where he had 
been member since 
2013, Vice 
Chairman at Cardlink SA 
(2013-2015), Member of 
the BoD in Millennium 
Bank, responsible for 
Retail, 
Private 
Banking and 
Business 
Banking 
(2003), 
Head at 
Barclays 
Bank 
PLC, 
responsible 
for 
Retail 
Banking, 
Private 
Banking and Operations (1990 
-1997). 
He holds an MA in Banking 
and Finance from 
the University 
of Wales, UK 
and a Bachelor Degree 
in Business Administration 
from the University 
of Piraeus. 
Kostas Vassiliou 
-Deputy Chief Executive Officer 
(CEO), Head of Corporate & Investment 
Banking 
-
Membership in Board Committees: None 
-
Year of birth: 1972 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 356,617 
Mr. 
Vassiliou 
holds several 
other 
posts in the 
Eurobank 
Group as 
Chairman of the 
BoD of Eurobank 
Factors Single 
Member 
SA (since December 2018), 
Member of the BoD 
of Eurobank Equities 
Single Member SA (since March 
2015). He also serves as 
Vice-Chairman of 
the BoD 
of Eurolife 
FFH Insurance 
Group Holdings 
SA (since 
January 2021), Eurolife 
FFH Life 
Insurance SA 
(since December 2020) and Eurolife 
FFH General Insurance 
SA (since December 2020). 
In 
the 
past, 
Mr. 
Vassiliou 
had 
also 
the 
following 
significant 
posts: 
Country 
Manager 
for 
Greece, 
Cyprus 
and 
the 
Balkans, 
Mitsubishi 
UFJ 
Financial 
Group, 
London 
(2000-2005) 
and 
Senior 
Relationship 
Manager, 
Mitsubishi 
UFJ 
Financial 
Group, 
London (1998-2000). 
He holds an MΒΑ from 
Boston University, 
USA and a BA in Business 
Administration from 
the Athens 
University of Economics 
and Business. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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Alice Gregoriadi-Independent Non-Executive Director 
-
Membership in Board Committees: a) Audit Committee – Member, b) Remuneration Committee – Member, 
c) Board 
Digital and Transformation 
Committee – Chairwoman 
-
Year of birth: 1968 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: None 
Mrs. Gregoriadi also serves 
as an Affiliate Partner 
– Management Consultant at True 
North Partners 
LLP, 
London, UK and is 
a Non-Executive Board Director at Climate 
Governance Initiative 
Greece. 
In the past, Mrs. 
Gregoriadi had also the 
following significant 
posts: Hellenic Corporation 
of Assets & Participations 
(HCAP), 
Greece, 
Non-Executive 
Board 
member, 
Audit 
Committee 
member, 
Corporate 
Governance 
and 
Nominations 
Committee 
member (February 
2017 – February 
2021), JPMorgan, London, UK, various 
posts as Managing Director 
(February 2010 
– May 
2015), IBOS Board Director (April 2010 – August 2014), ABN 
Amro Bank, Amsterdam, Netherlands & London, UK, various posts 
as Managing 
/ 
Executive 
Director 
(November 
2001 
– 
December 
2009), 
Citibank NA, 
London, 
UK, 
various 
Senior 
Executive 
Director 
posts (February 
1994 
– 
August 
2001), 
Clearing 
House 
Automated 
Payments 
System 
(CHAPS), 
UK, 
Board 
Director 
(June 1997 – July 2000). 
She holds 
an MBA from 
the Manchester 
Business School, UK (1991-1993), 
including an MBA international 
exchange program 
from 
the 
E.J.Cox 
School 
of Management, 
Texas, 
USA 
– 
(1992), 
an 
Executive 
Certification 
on 
Blockchain 
for 
business 
from 
University 
College 
London 
(2019), 
an 
Executive 
Certification 
on 
eCommerce 
from 
the 
Darden 
School 
of 
Business, 
Virginia 
University, USA (2000) 
and a BSc in Business Administration from 
the The American 
College, Athens, (1987-1990). 
Rajeev Kakar-Independent Non-Executive Director 
-
Membership 
in 
Board 
Committees: 
a) 
Audit 
Committee 
– 
Member, 
b) 
Board 
Risk 
Committee 
– 
Chairman, 
c)Nomination & Corporate Governance 
Committee – Member 
-
Year of birth: 1963 
-
Nationality: Indian 
-
Number of shares in Eurobank 
Holdings: None 
Mr. Kakar is a senior international 
banker with 37 years 
of financial services experience, and currently 
also serves as a board 
member 
of several 
Financial Institutions- 
including Commercial 
International 
Bank (Egypt), 
Gulf International 
Bank Group 
Board 
(Bahrain), 
Gulf International 
Bank (Saudi 
Arabia) and 
is also 
a Global 
Advisory Board 
member 
at the 
University 
of 
Chicago’s Booth School of Business. In the past Mr. Kakar has also 
served as board member on several international financial 
institutions/bank 
boards 
- 
eg., 
as 
Board 
Member 
of 
Visa 
International 
CEEMEA 
(United 
Kingdom 
2004-2006), 
Global 
Management 
Board 
member 
of 
Fullerton 
Financial 
Holdings 
(Singapore 
2006-2018), 
Board 
member 
of 
UTI 
AMC 
in 
India 
(2019-2024), Chairman 
of the 
BoD, Fullerton 
Securities & 
Wealth 
Advisors (New 
Delhi, India 
2008-2017), board 
Member of 
Fullerton India Credit Company (India 
2009-2017), Member of the Board of 
Commissioners, Adira Dinamika Multi Finance Tbk, 
subsidiary of Bank Danamon (Indonesia 2010-2013), etc. 
Between 2006-2018, Mr. Kakar served as the Global Co-Founder 
of Fullerton Financial Holdings (Singapore) - a wholly owned 
subsidiary of Temasek 
Holdings, Singapore. 
In this 
role, 
he also 
concurrently 
served as 
Fullerton’s 
Global CEO 
of Consumer 
Banking, Regional CEO for 
Central Europe, 
Middle East and Africa, and also 
as the Founder, 
Managing Director and CEO of 
Dunia Finance (Fullerton’s UAE subsidiary). Prior to 2016, he was 
at Citibank for 20 years working across various countries and 
held various senior 
management positions, including, 
his most recent 
Citibank assignment where 
he served 
as the Regional 
CEO & Division Executive for Citibank-Turkey, 
Middle East and Africa until Jan 2006. 
Mr. Kakar holds an MBA, Finance 
& Marketing from the 
Indian Institute of Management, Ahmedabad (India) and a Bachelor 
of Technology, 
Mechanical Engineering from 
the Indian Institute of Technology 
(India). 
Bradley Paul Martin-Non-Executive 
Director 
-
Membership in Board Committees: None 
-
Year of birth: 1959 
-
Nationality: Canadian 
-
Number of shares in Eurobank 
Holdings: 122,500 
In the past Mr. Martin has also served 
as: Vice President of Fairfax 
Financial Holdings (1998 - 2024), Vice President, Strategic 
Investments 
of Fairfax 
Financial 
Holdings (2012 
- 2024), 
Member 
of the 
BoD, Bank 
of Ireland 
(2013-2017), Chief 
Operating 
Officer (COO), Fairfax 
Financial Holdings (2006-2012) and Partner, 
Torys LLP law firm (before 
1998). 
Mr. Martin also 
serves as Non-Executive 
Director, 
of AGT Food 
and Ingredients Inc. and as a 
Non-Executive Director, 
of Blue 
Ant Media Inc 
He holds a ΒΑ from Harvard University, 
USA and an LLB from the University 
of Toronto, 
Canada. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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Page 
Jawaid Mirza-Independent Non-Executive Director 
-
Membership in 
Board Committees: 
a) Audit Committee 
– Vice 
Chairman, b) Nomination 
& Corporate 
Governance 
Committee – Member, c) Remuneration 
Committee – Member 
-
Year of birth: 1958 
-
Nationality: Canadian 
-
Number of shares in Eurobank 
Holdings: None 
Mr. Mirza is a strong proponent and practitioner 
of international corporate governance 
and brings with him over 35 years of 
diversified 
experience 
and 
a 
solid 
track 
record 
in 
all 
facets 
of 
financial 
and 
risk 
management, 
technology, 
mergers 
and 
acquisitions, 
business turnarounds and operation 
management. 
In the past, 
Mr. Mirza 
was also the lead 
Director with Commercial 
International Bank of Egypt, 
as well as Independent 
Non-
Executive 
Director 
with 
South 
Africa 
Bank 
of 
Athens 
(Johannesburg). 
He 
also 
served 
Commercial 
Bank 
of 
Egypt 
(CIB) 
as 
Managing 
Director 
& 
CEO 
of 
Consumer 
Banking 
and 
Group 
COO. 
Over 
the 
years, 
Mr. 
Mirza 
has 
worked 
with 
global 
institutions like Citibank and ABN 
AMRO Bank Ltd 
where he held several senior positions as CFO European Region, Managing 
Director 
and 
Chief 
Operating 
Officer 
for 
Global 
Private 
Banking, 
Asset 
Management 
and 
New 
Growth 
Markets, 
Chief 
Financial Officer for 
Asian region including Australia/New Zealand and Middle 
East. 
Mr. Mirza led several 
due diligences for 
acquiring banks in Europe, 
Asia, and Latin America. 
Mr. Mirza 
was also a member 
of the 
Top Executive 
Group (TEG) 
of ABN 
AMRO Bank as well as member of the 
Group Finance and Group COO Board. 
Mr. 
Mirza also 
serves 
as Non-Executive 
Independent Director 
of AGT 
Food 
& Ingredients 
(Canada), IDRF 
(Canada) and 
as 
Non-Executive Independent Director of Commercial 
International Bank (CIB) (Egypt). 
Mr. 
Mirza 
holds 
various 
business 
management 
courses 
from 
reputable 
institutions 
like 
Queens 
Business 
school, 
Wharton 
Business school, Stanford Graduate School of Business and 
is also a member of 
the Institute of Corporate Directors, Canada. 
Irene Rouvitha Panou-Independent Non-Executive 
Director 
-
Membership 
in Board 
Committees: 
a) 
Nomination 
& Corporate 
Governance 
Committee 
– 
Chairwoman, 
b) 
Audit 
Committee – Member, c) Remuneration 
Committee - Member 
-
Year of birth: 1958 
-
Nationality: Cypriot 
-
Number of shares in Eurobank 
Holdings: None 
Mrs. Rouvitha Panou is an accomplished international leader with over 
three decades of cross-border 
financial experience in 
strategy, 
governance, 
audit, 
and 
organizational 
transformation. 
She 
has 
driven 
sustainable 
organizational 
growth 
by 
developing and 
implementing strategic 
initiatives, leading 
corporate 
turnarounds, enhancing governance 
frameworks, 
and 
fostering 
innovation, 
also contributing 
to the 
drastic 
upgrade 
and digital 
evolution 
of key 
services 
in Cyprus, 
a country 
of 
strategic 
importance 
to 
Eurobank. 
Her 
career 
spans 
across 
Cyprus, 
the 
UK, 
Greece, 
Romania, 
Australia, 
and 
the 
USA, 
demonstrating broad 
international exposure 
in banking and financial services. 
In 
the 
past, she 
was Chair 
of 
the 
Board 
of Cyta 
(Cyprus’ 
leading integrated 
electronic 
communications 
provider) 
for 
two 
consecutive 
tenures 
(July 
2016-July 
2021), 
Chair 
of 
the 
Management 
Committee 
of 
the 
Pensions 
& 
Grants 
Fund 
of 
the 
Personnel 
of Cyta (January 
2019-July 2021), 
Chair of the 
Board of 
the Cyprus 
Development 
Bank following 
its privatization 
(September 2008-April 2014) and 
Board Member of the Cyprus Employers and 
Industrialists Federation (May 2020-July 2021). 
She 
was 
Independent 
Non-Executive 
Director 
and 
Board 
Committees 
Chair/Member 
of 
the 
Cyprus 
Asset 
Management 
Company KEDIPES (March 2023-June 2024), 
Alpha Bank subsidiaries in Romania, Cyprus and Greece 
(November 2014-April 
2020) and Vassiliko Cement 
public company (February 
2012-October 2014). She was Managing Director 
of Laiki Bank Hellas 
SA (April 2002-November 2006) and Group General Manager of Cyprus 
Popular Bank (HSBC associate 
bank) (January 2000-
November 
2006) 
also 
serving, 
among 
others, 
as 
Group 
Board 
Director 
and 
Board 
Member 
of 
the 
Group’s 
banking 
subsidiaries in 
Greece 
and Australia. 
Between 
June 1984 
and September 
1991, she 
worked 
in Boston 
USA, where 
she held 
senior positions in the field of management and 
financial services consulting. 
Mrs. Rouvitha Panou is also a committed board member 
in academic and philanthropic organizations, 
serving as a Member 
of 
the 
Board 
of 
Trustees 
of 
the 
UK-based 
Stelios 
Philanthropic 
Foundation, 
a 
Member 
of 
the 
International 
Advisory 
Committee 
of 
Komvos 
Global 
Hellenism 
Network, 
and 
a 
Member 
of 
the 
Advisory 
Council 
of 
the 
School 
of 
Economics 
& 
Management 
at 
the 
University 
of 
Cyprus, 
focusing 
on 
integrating 
financial 
industry 
objectives 
into 
academic 
research 
priorities. Her 
leadership at 
Cyta included 
effecting 
major M&A 
activities and 
driving key 
digital transformation 
projects—
such 
as 
the 
early 
rollout 
of 
5G 
and 
Fiber-To-The-Home 
(FTTH) 
technologies, 
smart 
city 
initiatives, 
and 
significant 
ESG 
projects—contributing to the modernization 
of Cyprus’ telecommunications infrastructure. 
She graduated 
from the 
London School of 
Economics, UK (B.Sc. 
Economics, Metcalfe 
Scholar) with 
postgraduate studies 
at 
the University of Cambridge, UK (M.Phil. 
Economics) and the Massachusetts 
Institute of Technology, USA (M.Sc. Management, 
Fulbright Scholar). 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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Cinzia Basile-Independent Non-Executive Director 
-
Membership in Board Committees: 
a) Board Risk Committee 
– Member, b) Remuneration Committee – Chairwoman, 
c) Board Digital and Transformation 
Committee – Member 
-
Year of birth: 1971 
-
Nationality: Italian and British 
-
Number of shares in Eurobank 
Holdings: None 
Mrs Basile 
is the 
Chairperson of 
Nikko 
Asset Management 
Europe 
(NAME), 
one 
of Asia’s 
largest 
asset managers; 
she 
also 
Chairs the HR Advisory Committee and is a member of the 
Risk & Stewardship Committee. 
Mrs 
Basile is 
a 
highly 
accomplished 
financial 
leader 
with 
deep 
expertise 
in 
the 
financial 
sector, 
asset 
management, 
and 
strategic growth. 
She serves as Chairman of My Community Bank, where 
she has driven significant balance sheet 
growth by 
leveraging fintech solutions to promote financial 
inclusion in underserved markets. In addition, 
she is a 
Non-Executive Director 
at several 
prominent financial institutions, including Zenith Global, 
and Creditis Servizi Finanziari. 
In the past, Mrs. Basile had also the following 
significant posts: she set up and ran Credit Suisse AG’s Investment 
Bank multi-
asset investment management business (Custom Markets) in the UK, Ireland and Luxembourg, Non-Executive Member 
of the 
BoD and Chair of the Operating 
and Risk Committee of Credit Suisse Custom Markets, a sponsored 
management company 
of 
Credit 
Suisse 
located 
Luxembourg 
(August 
2011 
– 
August 
2017), 
Non-Executive 
Member 
of 
the 
BoD 
and 
Chair 
of 
the 
Operating of Custom Markets plc and Custom Markets QIAF, 
sponsored management companies of Credit Suisse located in 
Ireland (August 
2011 – August 
2017), Non-Executive 
Member of the 
BoD and Chair 
of the 
Operating 
and Risk Committee 
of 
Custom Markets QIAF a subsidiary of Credit Suisse located in Ireland 
(August 2011 – August 2017). 
She is a 
fellow at the CSaP's Dowling Policy Fellowship, Cambridge University. The fellowship's mission is to help public policy-
making address 
the 
major challenges 
of the 
21st century 
by drawing 
more 
effectively 
on the 
best research, 
evidence, 
and 
expertise. Fellows 
share a 
common interest 
in advancing policies 
that support 
science, innovation, 
and entrepreneurship 
in 
the public interest. 
She holds a Juris Doctor Degree from the 
University of Rome “La Sapienza”, Italy and she was awarded a Thesis 
Scholarship 
(derivative instruments), London School 
of Economics, UK. 
John Arthur Hollows-Independent, Non-Executive 
Director 
-
Membership in Board Committees: a) Board Risk Committee – Vice 
Chairman, b) Board Digital and Transformation 
Committee – Member, c) Remuneration 
Committee - Member 
-
Year of birth: 1956 
-
Nationality: British 
-
Number of shares in Eurobank 
Holdings: None 
Mr. Hollows served 
for 26 years in the KBC Group as Member of the Boards of Directors, KBC Bank and KBC Insurance (2009-
2022), 
Member 
of 
the 
Executive 
Committee, 
KBC 
Group 
(2009-2022), 
Chair 
of 
the 
Board 
of 
Directors 
of 
Československá 
obchodní banka, a. 
s. (ČSOB) and CEO 
(2014-2022), Member 
of the Board 
of Directors of KBC 
Group N.V., 
Group Chief Risk 
Officer 
(2010-2014), 
CEO, 
Central 
and Eastern 
Europe 
and Russia 
(2009-2010), 
Senior 
General 
Manager, 
Banking, 
Central 
Europe Business 
Unit, KBC Group, 
Brussels (2006-2009), CEO, 
Kereskedelmi 
es Hitelbank Rt., 
Hungary (2003-2006), General 
Manager, 
Asia 
Pacific, 
KBC 
Bank 
N.V. 
(1999-2003), 
General 
Manager, 
Shanghai 
Branch, 
KBC 
Bank 
N.V. 
(1997-1999) 
and 
Commercial Banking Head, Hong Kong Branch, 
Kredietbank N.V (1996). 
In the past. Mr. Hollows served at Barclays 
Bank PLC as Chief 
Manager, Taipei Branch (1991-1995), Head of International Trade 
Services, 
London 
(1989-1991), 
Manager, 
Export 
Finance 
Department, 
London 
(1986-1989), 
Corporate 
Manager, 
Watford 
Branch (1984-1986), Assistant 
Manager, Cost Control Unit, General Manager’s Office (1982-1984) 
and Graduate Trainee (1978-
1982). He has also served as Chair, European Council of Commerce and Trade (1994-1995) and Deputy Chair, British Exporters 
Association (1989-1991). 
He holds a Master of Arts, Sidney Sussex College, Cambridge (law and economics). 
Burkhard Eckes - Independent, Non-Executive 
Director 
-
Membership 
in 
Board 
Committees: 
a) 
Audit 
Committee 
– 
Chairman, 
b) 
Nomination 
and 
Corporate 
Governance 
Committee – Member, c) Board 
Risk Committee - Member 
-
Year of birth: 1960 
-
Nationality: German 
-
Number of shares in Eurobank 
Holdings: None 
Mr. Eckes served 
for more than 30 years at PwC 
as Senior Advisor, PwC Germany 
and EMEA (Europe, Middle East and Africa) 
(2022 - 2023), Global Banking and Capital 
Markets (BCM) ESG Leader and member of the Global Financial Services (FS) ESG 
Leadership Team 
(2019 - 2022), responsible for 
BCM activities in ESG consulting globally, 
EMEA BCM Leader and member 
of 
the EMEA FS Leadership Team (2017 - 2022), responsible for 
BCM client relationships, projects and strategy in consulting and 

 
 
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assurance 
services, 
including 
development 
and 
implementation 
of 
banking 
strategies, 
business 
models, 
supervisory 
and 
regulatory requirements 
and practices, 
governance, 
risk management, 
accounting and reporting 
best practices, 
ESG, bank 
restructuring 
and bank 
transformation 
advice, 
Member 
of the 
Global 
BCM Leadership 
Team 
(2009 
- 2022), 
German BCM 
Leader 
and member 
of the 
German 
FS Leadership 
Team 
(2009 - 
2018), responsible 
for 
consulting and 
assurance 
services, 
including HR, 
people development 
and statutory 
audits of 
large German 
banks, Chair 
of the 
Global Banking 
International 
Accounting Group (2002 - 2023) and Partner 
(1996 - 2022). 
Mr. Eckes 
also serves as Member 
of the Supervisory Board 
of Bayerische 
Landesbank (Munich) (since May 2024), 
as Member 
of the 
Supervisory 
Board and 
Chair of 
the 
Audit Committee 
of Bank 
Pictet & 
Cie (Europe) 
AG, Frankfurt 
(since June 
2023) 
and as Member of the Supervisory Board 
and Chair of the Risk and Audit Committee of Solaris SE, Berlin (since 
April 2023). 
n the 
past, Mr. 
Eckes has 
served as 
Chair of 
the Banks 
Working 
Party of 
Accountancy Europe 
(former 
FEE - 
Fédération 
des 
Experts Comptables Européens) (2015 - 2022), Chair of the Banking Committee (Bankenfachausschuss 
– BFA) of the German 
Institute of Public 
Auditors (Institut der Wirtschaftsprüfer - IDW) (2017 - 2022) and member of the BFA (2008 - 2022), Member 
of 
the 
European 
Parlamentary 
Financial 
Services 
Forum 
- 
EPFSF 
(2012 
- 
2023) 
and 
Member 
of 
the 
Steering 
Committee 
Sustainability of IDW (2020 - 2022). 
He 
holds 
an 
MBA 
from 
the 
University 
of 
Saarland, 
Saarbrücken 
(1986) 
and 
is 
a 
Certified 
Public 
Auditor 
(German 
Wirtschaftsfprüfer) 
(1996). 
Evan Kotsovinos-Independent, Non-Executive 
Director 
-
Membership 
in 
Board 
Committees: 
a) 
Board 
Risk 
Committee 
– 
Member, 
b) 
Board 
Digital 
and 
Transformation 
Committee – Member 
-
Year of birth: 1979 
-
Nationality: Greek 
-
Number of shares in Eurobank 
Holdings: None 
Mr. Kotsovinos also serves as Vice President of Engineering and General 
Manager, Google, New York (since November 2022). 
In the past. Mr. Kotsovinos served 
at American Express, New York 
as Senior Vice President and Global Head of Infrastructure, 
(2019-2022). He also held senior management positions at Morgan Stanley: Asia 
Chief Information Officer, 
Hong Kong (2018-
2019), 
Head 
of 
Asia 
Infrastructure, 
China 
CIO, 
Hong 
Kong 
and 
Shanghai 
(2014-2018), 
Head 
of 
Infrastructure 
Hungary, 
Executive Director, 
Budapest (2013-2014), EMEA CTO of Infrastructure, 
Global CTO of Cloud, Executive 
Director (2012-2014). 
He holds 
a Masters 
in Finance 
(2010-2012), London 
Business School, 
a PhD 
in Computer 
Science (2001 
-2004), University 
of 
Cambridge and a BSc in Computer Science (1997-2001), University 
of Crete. 
The Board is served 
by a competent and experienced company secretary, 
the short CV of whom is outlined below: 
Ioannis Chadolias-Secretary to the BoD, 
Head of Group Company Secretariat 
-
Secretary to the following Board Committees: a) 
Remuneration Committee, b) Nomination & Corporate Governance 
Committee, c) Board Digital and Transformation 
Committee 
-
Year of birth: 1970 
-
Nationality: Hellenic 
-
Number of shares: 30,000 
Mr. Chadolias is responsible to lead the 
Group Company Secretariat unit and provide 
effective company secretarial 
support 
to 
the 
Board 
and 
Board 
Committees 
of 
Eurobank 
and 
Eurobank 
Holdings 
as 
well 
as 
to 
their 
most 
important 
Executive 
Committees, ensuring compliance with corporate 
law and regulations and maintaining 
effective corporate 
governance 
and 
internal policy framework. 
With 
nearly three 
decades of 
experience 
in corporate 
governance, 
compliance, and 
financial services, 
he previously 
served 
as Deputy 
Company Secretary 
of Eurobank 
and Eurobank 
Holdings (2016–2021) 
and led the 
Group Corporate 
Governance 
Division (2009–2016). 
Earlier roles 
at Eurobank 
include Subsidiaries 
Control 
and Compliance 
Manager (2006–2009). 
Before 
joining 
the 
Bank, 
he 
held 
managerial 
positions, 
among 
others, 
at 
Megatrust 
(a 
stockbroker 
company-member 
of 
Interamerican 
group) 
and 
Cosmote 
(the 
largest 
telecommunications 
group 
in 
Greece), 
while 
he 
began 
his 
career 
as 
an 
auditor and business consultant at PwC. 
He holds an MSc in Project Analysis, Finance, and Investment from 
the University of York 
and a Bachelor's in Economics from 
the Athens University 
of Economics and Business and several 
professional qualifications. 
5.4
Re-election, Cessation, and Independence of Board 
Members 
There 
are 
no 
limitations 
on 
the 
re-election 
or 
cessation 
of 
Directors 
in 
the 
Articles 
of 
Association 
of 
Eurobank 
Holdings 
(HoldCo) 
and Eurobank. 
In 
cases 
where 
a Board 
member’s 
term 
has expired, 
the 
Board 
retains 
the 
authority 
to continue 
managing 
and 
representing 
the 
HoldCo/Bank 
without 
immediately 
replacing 
the 
expired 
members, 
provided 
that 
the 
remaining members 
constitute more 
than half 
of the 
original number 
of members 
before 
the lapse 
event 
and, in any 
case, 
are not fewer 
than three (3). 

 
 
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As stipulated in the 
Articles of Association 
of HoldCo and Eurobank, 
and in compliance with 
Law 4548/2018, the 
Board may 
consist 
of 
three 
(3) 
to 
fifteen 
(15) 
members. 
Additionally, 
in 
accordance 
with 
Law 
4706/2020 
on 
corporate 
governance, 
independent non-executive 
directors are 
appointed by 
the 
General 
Meeting and must 
constitute at 
least one-third 
(1/3) of 
the total number of Board members 
(rounded to the nearest integer), 
with a minimum of two (2) independent non-executive 
directors. 
For the 
year 2024, the Nominations and Corporate 
Governance Committees of HoldCo and Eurobank, 
in their meetings held 
on May 28, 2024, and November 26, 2024, reviewed 
the independence criteria in accordance with Law 4706/2020, European 
Commission 
Recommendation 
2005/162/EC, 
and 
the 
Executive 
Committee 
Act 
of 
the 
Bank 
of 
Greece 
No. 
224/23.12.2023 
(BoG ECA 224/2023), 
which incorporated the Joint ESMA 
and EBA Guidelines 
on the Assessment of 
the Suitability of Members 
of 
the 
Management 
Body 
and 
Key 
Function 
Holders. 
The 
Committees 
concluded 
that 
the 
Independent 
Non-Executive 
Directors meet the 
applicable independence criteria. 
5.5
Division of responsibilities 
At the top level 
of Eurobank Holdings 
and Eurobank, 
there 
is a clear separation 
of responsibilities between 
governance 
and 
executive 
management. 
The 
Chairperson 
oversees 
the 
governance 
functions, 
while 
the 
Chief Executive 
Officer 
(CEO) 
and 
Deputy CEOs 
manage the 
operational 
and managerial 
aspects of 
the 
organization. 
Importantly, 
the 
roles 
of Chairperson 
and CEO are held by different 
individuals, ensuring a balanced and effective 
leadership structure. 
5.5.1
Chairperson 
The 
Chairperson 
of 
the 
HoldCo 
and 
Eurobank 
Boards 
is 
a 
Non-Executive 
Director 
and 
does 
not 
concurrently 
serve 
as 
Chairperson of the Risk or Audit Committees. Elected by all Board members, 
including Independent Non-Executive Directors, 
in accordance 
with Law 4548/2018 
and the Articles 
of Association, the 
Chairperson presides 
over 
Board meetings, 
ensuring 
their effective 
organization and operation. 
The Chairperson’s 
responsibilities include: 
●
Organizing and coordinating the work 
of the Board. 
●
Setting the Board’s agenda and ensuring adequate time 
for discussions, particularly 
on strategic matters. 
●
Promoting a culture of open-mindedness and constructive 
dialogue. 
●
Facilitating and promoting good relationships 
among Board members and ensuring the effective 
contribution of all 
Non-Executive Directors. 
●
Ensuring that Directors receive 
accurate, timely, 
and clear information and that 
their developmental 
needs are met 
to enhance Board effectiveness. 
●
Maintaining continuous communication 
with representatives 
of the 
Ministry of Finance, 
the Bank 
of Greece 
(BoG), 
and other public authorities. 
●
Ensuring that the Board 
as a whole has a satisfactory understanding of shareholder 
views. 
●
Ensuring 
effective 
communication 
with 
all 
shareholders, 
promoting 
fair 
and 
equitable 
treatment, 
and 
fostering 
constructive dialogue to understand their perspectives. 
●
Working 
closely 
with 
the 
CEO 
and 
the 
Corporate 
Secretary 
to 
prepare 
Board 
meetings 
and 
ensure 
that 
Board 
members are fully informed. 
It is noted that the Board 
has not appointed a Senior Independent Director (SID). 
5.5.2
CEO 
The CEO of HoldCo and Eurobank is responsible for the development and execution of strategy in 
alignment with the Group's 
vision. 
As 
the 
leader 
of 
the 
organization, 
the 
CEO 
is 
accountable 
for 
driving 
the 
achievement 
of 
the 
Group’s 
goals 
and 
objectives, ensuring effective 
implementation of strategic 
initiatives and operational 
excellence. 
5.5.3
Executive Directors 
The 
Executive 
Directors of 
HoldCo and 
Eurobank, 
including the 
CEO and 
Deputy CEOs, 
are responsible 
for 
the 
day-to-day 
management and oversight of the 
Group, as well as for executing its strategy, 
as defined by the Board. Their 
responsibilities 
include: 
●
Regularly consulting with Non-Executive Directors 
to assess the appropriateness of the 
implemented strategy. 
●
Providing 
updates 
to 
the 
Board, 
in 
collaboration 
with 
senior 
managers, 
regarding 
market 
conditions 
and 
other 
developments affecting 
HoldCo and Eurobank. 
●
Promptly informing 
the Board, 
either jointly 
or individually in 
writing, by submitting 
a report with 
assessments and 
proposals, in the event 
of crisis situations or anticipated risks that may impact the 
financial position of HoldCo and 
Eurobank. 
The CEO and Deputy CEOs fulfill their duties in 
accordance with the Internal Governance 
Control Manuals (IGCMs) of HoldCo 
and 
Eurobank, 
which 
are 
endorsed 
by 
their 
respective 
Boards. 
These 
IGCMs 
provide 
a 
comprehensive 
framework 
for 
the 

 
 
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governance, 
direction, 
and supervision 
of HoldCo 
and Eurobank, 
ensuring compliance 
with legal 
and regulatory 
corporate 
governance standards. 
5.5.4
Non-Executive Directors 
The 
Non-Executive 
Directors 
are 
responsible 
for 
promoting 
and safeguarding 
the 
interests 
of HoldCo 
and Eurobank 
as a 
whole. Their key 
responsibilities include: 
●
Monitoring and evaluating the strategy 
and its execution, as well as assessing the achievement 
of objectives. 
●
Ensuring effective oversight 
of executive members, including monitoring and evaluating 
their performance. 
●
Reviewing 
and 
providing 
feedback 
on 
proposals 
submitted 
by 
the 
Executive 
Directors, 
based 
on 
available 
information. 
●
Approving, revising, and overseeing 
the implementation 
of the Group-level 
remuneration 
policy. 
The Non-Executive Directors 
have the authority to request, in accordance 
with HoldCo’s and Eurobank’s 
internal procedures, 
direct 
engagement 
with 
senior 
management. 
This 
is 
facilitated 
through 
regular 
presentations 
by 
department 
heads 
and 
service leaders. 
The 
Non-Executive 
Directors 
convene 
at 
least 
once 
a year, 
or as 
deemed 
appropriate, 
without 
the 
presence 
of executive 
members, to evaluate 
their performance. 
These meetings 
do not constitute a formal 
Board body or committee. 
In 2024, the 
Non-Executive Directors of HoldCo and Eurobank 
held meetings on February 
29, 
2024, and October 23, 2024. 
HoldCo and Eurobank encourage 
Non-Executive Directors to remain well 
-informed on all matters 
handled by the respective 
Board. 
The Independent 
Non-Executive Directors 
are required 
to submit their 
own reports, 
either 
individually or collectively, 
to the 
Annual or Extraordinary General 
Meeting of Shareholders, in addition to the 
reports presented by the 
Board. 
5.6
Operation of the 
Board 
The operation of the Board, including its meeting protocols, decision-making processes, and procedural 
guidelines, is defined 
in the Internal Governance Control Manual (IGCM) of HoldCo and Eurobank. This manual, endorsed by the respective Boards, 
is 
designed 
to 
adhere 
to 
legal 
and 
regulatory 
corporate 
governance 
standards, 
while 
also 
incorporating 
the 
relevant 
provisions of the 
Articles of Association of HoldCo and Eurobank. 
5.6.1
Board Meetings 
The Board convenes 
regularly on a quarterly basis and on an ad hoc basis whenever 
required by law or the needs of HoldCo 
and Eurobank. Each 
year, 
within the third 
quarter of the 
preceding year, 
the Board 
establishes an annual calendar 
of Board 
and 
Committee 
meetings, 
along 
with 
an 
annual 
action 
plan. 
This 
plan 
is 
adjusted 
as 
necessary 
to 
ensure 
the 
timely, 
comprehensive, 
and effective 
execution 
of responsibilities 
and the 
thorough 
review 
of all 
matters 
requiring 
decisions. 
Any 
updates 
or 
modifications 
to 
the 
annual 
calendar 
are 
promptly 
communicated 
to 
all 
Board 
and 
Committee 
members 
to 
facilitate their 
planning. 
Board meetings 
are convened 
with a notice 
period of at 
least two (2) 
business days or five 
(5) business days if 
the meeting 
is held outside the registered office of HoldCo or Eurobank, 
in accordance with Company Law 4548/2018. The invitation must 
clearly state the 
agenda items. If 
the agenda 
is not explicitly 
stated, decisions 
may only be 
made if all Board 
members are 
present or represented and no objections are 
raised regarding the 
meeting’s convocation 
and decision-making. Documents 
submitted to the Board are 
typically circulated along with the 
agenda. 
5.6.2
Dissemination of Information 
The 
Board utilizes 
technological tools 
with necessary 
security specifications 
to facilitate 
real-time information 
sharing and 
connectivity for Board members. 
The CEO and senior management are responsible for ensuring that Board members have access to all necessary information 
required for 
the performance 
of their duties at any time. 
5.6.3
Quorum in the Board Meetings 
The 
Board is 
considered 
to have 
quorum and 
may conduct 
valid meetings 
when at 
least half 
plus one 
of its 
members 
are 
present 
or 
represented. 
The 
number 
of 
present 
or 
represented 
members 
may 
not 
fall 
below 
three 
(3), 
and 
any 
resulting 
fraction when determin 
ing quorum is disregarded. 
Board 
decisions are 
made by 
an absolute 
majority of 
the 
Directors present 
or represented. 
In the 
event 
of a 
tie vote, 
the 
Chairperson does not have a casting vote. 
5.6.4
Board Decisions and Minutes 
Decisions are made following discussions that fully address 
the agenda items, ensuring 
that all members present are satisfied 
with the deliberations. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Board 
meeting 
minutes 
are 
kept 
by 
the 
Company 
Secretary, 
approved 
at 
subsequent 
Board 
meetings, 
and signed 
by 
all 
members 
present. 
Additionally, 
the 
drafting 
and 
signing 
of 
minutes 
by 
all 
Board 
members 
or 
their 
representatives 
is 
considered equivalent to a formal 
Board decision, even 
in the absence of a preceding physical meeting. 
5.6.5
Company Secretary 
The Boards of HoldCo 
and Eurobank are supported by 
a capable, skilled, and experienced Company Secretary, 
who ensures 
adherence 
to internal 
procedures 
and policies, 
as well 
as compliance 
with relevant 
laws and regulations, 
thereby 
enabling 
the effective 
and efficient operation 
of the Boards. 
The 
Company Secretary 
holds 
a senior 
management 
position 
and is 
appointed or 
dismissed by 
the 
Board, 
based 
on the 
recommendation of the 
Chairperson. 
Serving as the head of the Group Company Secretariat, a unit 
within Eurobank, the Company Secretary, in collaboration with 
the Chairperson, is responsible for: 
●
Ensuring prompt, transparent, 
and comprehensive communication 
with the Board and its Committees. 
●
Managing the integration 
of new Board and Committee members. 
●
Organizing General 
Meetings of Shareholders. 
●
Facilitating communication 
between shareholders 
and the Board. 
●
Facilitating communication 
between the Board 
and senior management. 
Additionally, 
the 
Company 
Secretary 
provides 
advice 
to 
the 
Board, 
through 
the 
Chairperson, 
on 
governance 
matters, 
ensuring adherence 
to Board procedures. 
All Board 
members have 
the right 
to access 
the advice 
and services 
of the 
Company Secretary, 
who is also 
responsible for 
facilitating their 
orientation and supporting their professional 
development. 
5.7
Attendance of Board members 
in the Board and Board 
Committees 
In accordance 
with the 
HoldCo/Bank Board 
and Board 
Committees Attendance 
Policy 
(please refer 
to the 
relevant section 
in 
this 
report), 
and 
within 
the 
scope 
of 
the 
HoldCo/Bank 
Nomination 
and 
Corporate 
Governance 
Committee’s 
(NomCo) 
responsibility to regularly 
monitor Board members' 
attendance and assess 
whether 
escalation to 
the Board 
is necessary 
in 
cases of inadequate participation, the NomCo conducted reviews 
of Directors' attendance on June 28, 2024, and December 
16, 2024. 
Furthermore, 
in 2024, 
the 
average 
attendance 
rate 
of Directors 
of HoldCo 
and Eurobank 
at Board 
and Board 
Committee 
meetings was as follows: 
Company 
Meetings 
Average 
ratio 
of 
Directors’ attendance 
2024 
2023 
2024 
2023 
HoldCo 
20 
24 
98.8% 
96.4% 
Bank 
25 
23 
98.16% 
96.3% 
During 2024, at individual level, the 
attendance of the Directors 
to the Board, stood above 
the 85% threshold. 
In addition, it 
is noted that 
all Directors 
with missed Board 
attendances, provided 
representation 
proxies, leading 
to an attendance 
rate 
(physical and under representation) 
of 100%. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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In particular, the 
Directors’ attendance rates 
at the Board meetings 
in 2024 were the 
following: 
Name 
Eurobank Holdings Board 
Eurobank Board 
Eligible to 
attend 
Attended in person 
(# and %) 
Eligible 
to 
attend 
Attended in person 
(# and %) 
Georgios 
Zanias, 
Chairperson, 
Non-Executive 
Director
20 
20
100% 
25 
25 
100% 
Georgios 
Chryssikos, 
Vice-Chairperson, 
Non-
Executive Director
1
11 
11 
100% 
13 
13 
100% 
Fokion 
Karavias, 
Chief Executive Officer
20 
20 
100% 
25 
25 
100% 
Stavros Ioannou, 
Deputy Chief Executive Officer
20 
20 
100% 
25 
25 
100% 
Konstantinos 
Vassiliou, 
Deputy 
Chief 
Executive 
Officer
20 
20 
100% 
25 
25 
100% 
Bradley Paul Martin, 
Non-Executive Director
20 
18 
90% 
25 
24 
96% 
Rajeev Kakar, 
Non-Executive Independent Director
20 
19 
95% 
25 
24 
96% 
Jawaid Mirza, 
Non-Executive Independent Director
20 
20 
100% 
25 
24 
96% 
Alice 
Gregoriadi, 
Non-Executive 
Independent 
Director
20 
20 
100% 
25 
25 
100% 
Irene 
Rouvitha 
Panou, 
Non-Executive 
Independent 
Director
20 
20 
100% 
25 
25 
100% 
Cinzia Basile, 
Non-Executive Independent Director
20 
20 
100% 
25 
25 
100% 
Burkhard Eckes, 
Non-Executive Independent Director
20 
19 
95% 
25 
25 
100% 
John 
Arthur 
Hollows, 
Non-Executive 
Independent 
Director
20 
19 
95% 
25 
24 
96% 
Evangelos 
Kotsovinos, 
Non-Executive 
Independent 
Director
2
9 
9 
100% 
12 
12 
100% 
1
Mr. Georgios 
Chryssikos decided not 
to pursue renewal 
of his term, therefore 
he remained in 
HoldCo/Bank BoDs until their 
Annual General Meetings on 23.07.2024, 
when the new 
BoDs were appointed. 
2
Mr. Evangelos Kotsovinos 
was appointed as BoD member on 23.07.2024. 
The 
average 
Director’s 
attendance 
rates 
to 
HoldCo’s 
and 
Eurobank’s 
Board 
Committees, 
along 
with 
the 
individual 
attendance 
rates 
per 
Board 
Committee 
are 
presented 
separately, 
under 
the 
subsection 
of 
the 
present 
Corporate 
Governance Statement, 
referring 
to the Board Committees. 
5.8
Directorships of Board members 
The 
directorships 
held 
by 
Board 
members, 
including significant 
non-executive 
commitments 
to companies 
and non-profit 
organizations, are notified prior to appointment to the 
Chairperson of the Nomination & Corporate Governance 
Committee 
(NomCo) 
and/or 
NomCo, 
in 
accordance 
with 
the 
HoldCo 
and 
Bank 
External 
Engagements 
Policy. 
Additionally, 
Board 
members must notify the 
Bank Group Company Secretariat of any changes to their 
directorships as soon as they occur. 
The 
number of 
directorships a 
Board member 
may hold 
simultaneously is 
regulated 
by Article 
83 of 
Law 4261/2014. 
Under 
this provision, a Director 
may not hold more than one of the 
following combinations 
of directorships at the same 
time: 
●
One (1) executive directorship with two 
(2) non-executive directorships, or 
●
Four (4) non-executive 
directorships. 
This restriction 
does not apply 
to directorships within 
the Group. 
Additionally, 
the Bank 
of Greece 
(BoG), as the 
competent 
authority, may permit a Board 
member to hold one (1) additional non-executive 
directorship. 
Furthermore, 
directorships 
in 
organizations 
that 
do not 
pursue 
predominantly 
commercial 
objectives 
are 
not 
counted for 
regulatory purposes. 

 
 
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As 
part 
of 
the 
Board’s 
overall 
effectiveness 
assessment, 
through 
which 
NomCo 
annually 
evaluates 
the 
knowledge, 
skills, 
experience, 
and 
contribution 
of 
both 
individual 
Board 
members 
and 
the 
Board 
collectively, 
the 
directorships 
of 
Board 
members were 
reviewed for 
2024. This review 
confirmed that all Board members 
comply with the provisions 
of the Law. 
5.8.1
HoldCo 
and 
Eurobank 
Board 
Members’ 
Directorships 
(including 
Directorships 
within 
Eurobank 
Group) 
as 
at 
31.12.2024 
Georgios Zanias – Chairperson, Non-Executive 
Director 
●
Foundation for 
Economic and Industrial Research (IOBE) – Board Member¹ 
Fokion 
Karavias – Chief Executive 
Officer 
●
Hellenic Bank Association (HBA) – Vice 
Chairman¹ 
Stavros Ioannou – Deputy Chief Executive 
Officer 
●
Grivalia Management Company S.A. – Non-Executive Director 
●
Be-Business Exchanges S.A. of Business Exchanges Networks and Accounting and Tax 
Services – Chairman² 
●
Eurobank Cyprus Ltd – Non-Executive 
Director 
●
Eurobank Private Bank Luxembourg 
S.A. – Non-Executive Director² 
●
Eurobank Bulgaria AD – Non-Executive 
Director, Supervisory Board² 
Konstantinos Vassiliou 
– Deputy Chief Executive Officer 
●
Hellenic Exchanges – Athens Stock Exchange S.A. – Non-Executive 
Director 
●
Marketing Greece S.A. – Non-Executive 
Director¹ 
●
Eurolife FFH General 
Insurance Single Member S.A. – Vice 
Chairman, Non-Executive Director³ 
●
Eurolife FFH Life 
Insurance Single Member S.A. – Vice 
Chairman, Non-Executive Director³ 
●
Eurolife FFH Insurance 
Group Holdings S.A. – Vice 
Chairman, Non-Executive Director³ 
●
Eurobank Equities Investment 
Firm Single Member S.A. – Non-Executive Director² 
●
Eurobank Factors Single 
Member S.A. – Chairman² 
Bradley Paul Martin – Non-Executive 
Director 
●
Blue Ant Media Inc. – Non-Executive Director 
●
AGT Food and Ingredients 
Inc. – Non-Executive Director 
Rajeev Kakar – Non-Executive Independent Director 
●
Gulf International Bank, Bahrain 
– Non-Executive Director
⁴
●
Gulf International Bank, Kingdom of Saudi Arabia 
– Non-Executive Director
⁴
●
Commercial International 
Bank (CIB) – Non-Executive Director 
Jawaid Mirza – Non-Executive Independent Director 
●
AGT Food and Ingredients 
Inc. – Non-Executive Director 
●
Commercial International 
Bank (CIB) – Non-Executive Director 
Alice Gregoriadi – Non-Executive Independent Director 
●
Hellenic Blockchain Hub – Non-Executive Director¹ 
●
Climate Governance 
Initiative – Non-Executive Director 
Cinzia Basile – Non-Executive Independent Director 
●
Creditis Servizi Finanziari S.p.A. – Non-Executive Director
⁶
●
Brent Shrine Credit Union (trading name 
My Community Bank) – Non-Executive Chair of the Board¹ 
●
Zenith Service S.p.A. – Non-Executive 
Director 
●
Nikko Europe Asset Management 
– Chairperson, Non-Executive Director
⁵
●
Nikko AM Global Umbrella Fund – Chairperson, 
Non-Executive Director
⁵
●
Fincentro Finance S.p.A. – Non-Executive 
Director
⁶
Irene Rouvitha Panou – Non-Executive 
Independent Director 
●
Stelios Philanthropic Foundation 
– Member of the Board of Trustees¹ 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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Burkhard Eckes – Non-Executive 
Independent Director 
●
Solaris SE – Non-Executive Member of the 
Supervisory Board 
●
Bank Pictet & Cie (Europe) AG – Non-Executive 
Member of the Supervisory Board 
●
Bayerische Landesbank – Non-Executive 
Member of the Supervisory Board 
John Hollows – Non-Executive 
Independent Director 
●
None 
Evangelos Kotsovinos – Non-Executive 
Independent Director 
●
None 
Explanatory Notes 
¹ Organization that 
does not pursue predominantly commercial 
objectives. 
² Company that belongs to HoldCo Group and, 
along with directorships in other HoldCo Group companies, is considered one 
(1) directorship for regulatory 
purposes. 
³ 
Company 
that 
belongs 
to 
Eurolife 
FFH 
Group 
and, 
along 
with 
directorships 
in 
other 
Eurolife 
FFH 
Group 
companies, 
is 
considered one (1) directorship for 
regulatory purposes. 
⁴
 
Company that 
belongs to 
Gulf International 
Bank Group 
and, along 
with 
directorships 
in other 
Gulf International 
Bank 
Group companies, is considered one (1) directorship 
for regulatory purposes. 
⁵
 
Company that belongs to Nikko Asset Management Group and, along with directorships in other Nikko Asset Management 
Group companies, is considered one (1) directorship 
for regulatory purposes. 
⁶
 
Company that 
belongs to 
Columbus HoldCo 
S.à.r.l. 
Group and, 
along with 
directorships in 
other 
Columbus HoldCo 
S.à.r.l. 
Group companies, is considered one (1) directorship 
for regulatory purposes. 
5.9
Board Role and Responsibilities 
The 
principal duties 
and responsibilities 
of the 
HoldCo/Bank’s Board 
encompass a 
wide range 
of strategic, 
oversight, 
and 
governance functions: 
●
review, 
guide, and approve the 
strategy, major plans of action, 
risk policy, business and restructuring 
plans, and set 
performance objectives, 
●
monitor 
performance 
and 
oversee 
major 
capital 
expenditures, 
acquisitions, 
divestitures, 
and 
formation 
of 
new 
entities, including special purpose vehicles, 
●
ensure the availability of necessary financial 
and human resources, as well 
as an internal control system, 
●
approve the 
annual budget and monitor its implementation quarterly, 
●
approve the 
three-year business plan and monitor its implementation, 
●
review 
and approve 
at least 
annually the 
risk strategy 
and risk 
appetite, ensuring 
alignment with 
overall 
business 
strategy and other 
plans, 
●
receive and discuss comprehensive 
risk reports on a quarterly basis, 
●
develop and deliver 
objectives in agreed restructuring plans under 
applicable laws, 
●
provide oversight 
to senior management and approve 
corporate governance 
practices and values, 
●
set standards shaping corporate culture 
and integrate desired culture into systems, policies, 
and behaviors, 
●
approve risk and capital 
strategy and monitor CEO and Executive 
Board implementation, 
●
approve organization 
chart and related policies as required by 
law or internal processes, 
●
ensure 
rigorous 
processes 
for 
monitoring 
organizational 
compliance 
with 
strategy, 
risk 
appetite, 
laws, 
and 
regulations, 
●
select, compensate, monitor, and replace 
key executives as needed and oversee 
succession planning, 
●
align executive and board remuneration 
with long-term interests of Group 
and shareholders, 
●
facilitate formal 
and transparent board nomination 
and election processes, 
●
monitor and manage potential conflicts of interest among management, board, 
and shareholders, 
●
ensure integrity of accounting and financial reporting systems, including independent audit and control 
systems, 
●
review and monitor Non-Performing 
Loans (NPL) and Non-Performing 
Exposures (NPE) performance, 
●
oversee disclosure and communication 
processes, 
●
determine appropriate level 
of remuneration 
for Board and Committees’ members 
pending ratification, 
●
address matters related 
to new technologies and environmental 
issues, 
●
identify 
and 
engage 
with 
important 
stakeholders, 
understanding 
their 
interests 
and 
interactions 
with 
Group 
strategy, 
●
facilitate 
open dialogue 
with 
stakeholders 
and utilize 
various 
communication 
channels 
for 
effective 
engagement 
and understanding. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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These 
duties 
collectively 
contribute 
to 
the 
effective 
governance, 
strategic 
direction, 
risk 
management, 
and 
sustainable 
growth of the 
HoldCo/Bank and its operations. 
5.10
Main issues the Board dealt with 
during 2024 
In 2024, the Boards of HoldCo and Eurobank 
conducted a comprehensive review 
of the corporate strategy, 
the main risks to 
the business, and the system 
of internal controls. 
The 
main issues 
addressed 
by the 
Boards 
of Directors 
of Eurobank 
Holdings 
(HoldCo) 
and Eurobank 
in 2024 
included the 
following: 
5.10.1
Eurobank Holdings 
a) Governance 
●
Proposed to the Annual General 
Meeting (AGM) the appointment of a new Board of Directors 
due to the expiration 
of the previous 
Board’s term and the designation 
of independent non-executive members. 
●
Approved the 
new composition of Board Committees and their 
revised Terms 
of Reference. 
●
Convened the Shareholders’ 
General Meeting. 
●
Discussed the 2023 annual evaluation of the 
Board and Board Committees and reviewed 
the Action Plan. 
●
Reviewed the 
attendance of Directors at Board 
and Board Committee meetings. 
●
Non-Executive Directors 
approved 
the CEO’s 
performance 
evaluation 
for 
2023 and his 
financial and non-financial 
objectives for 2024. 
●
Approved key 
governance policies, 
including: 
o
CEO Succession Planning Policy 
o
Board of Directors Diversity 
Policy 
o
Board Nomination Policy 
(also submitted to the AGM for 
approval) 
o
Board and Board Committees Evaluation Policy 
o
Group Governance 
Policy 
o
Related Parties Transaction 
Policy 
o
Key Function Holders 
Selection and Appointment Policy 
o
Anti-Bribery and Corruption Policy 
o
External Engagements Policy 
o
Insider Dealing Guidelines 
o
Conflict of Interest Policy 
o
C-Level Succession Planning Policy 
o
Senior Management Selection and Appointment 
Policy 
●
Addressed remuneration 
matters, including: 
o
Approval 
by Non-Executive 
Directors of 
the Remuneration 
Policy, 
the 
Variable 
Remuneration 
Framework, 
and the Group Variable 
Remuneration 
Pool. 
o
Proposal to 
the AGM 
for approval 
of the 
Board and 
Board Committees' 
fees for 
Non-Executive Directors, 
the Remuneration Policy 
for Directors, the Remuneration 
Report for 2023, and the distribution of net profits 
to senior management and employees. 
●
Approved HoldCo’s 
Internal Governance 
Control Manual. 
●
Received regular updates on Board 
Committee matters. 
●
Approved the 
Board and Board Committees’ calendar 
for 2025. 
●
Approved and submitted to the 
AGM the appointment of auditors for 
the financial year 2024. 
●
Discussed the 2024 Supervisory Review 
and Evaluation Process (SREP) 
assessment. 
b) Strategic Issues, Corporate, 
and Other Actions 
●
Discussed various strategy matters. 
●
Approved a share capital increase following 
the exercise of stock option rights and amended Article 5 
of the Articles 
of Association in accordance with Article 
113(3) of Law 4548/2018. 
●
Approved 
(subject 
to 
AGM 
approval) 
the 
dividend 
distribution 
for 
2023, 
in 
line 
with 
the 
approved 
Dividend 
Distribution Policy. 
●
Approved 
an increase 
in the 
aggregate 
principal 
amount of 
notes 
issued 
under 
the 
Medium-Term 
Notes 
(EMTN) 
program. 
●
Approved the initiation of the merger process for the absorption of Eurobank Holdings by Eurobank (Project Square). 

 
 
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c) Capital Adequacy 
●
Approved the 
2024 Internal Capital & Liquidity Adequacy Statements (CAS & LAS) as part 
of the Internal Capital & 
Liquidity Adequacy Assessment Process 
(ICAAP & ILAAP 2024). 
●
Approved the 
Minimum Requirement for 
Own Funds and Eligible Liabilities (MREL) Plan 2025-2027. 
d) Business Monitoring 
●
Approved the 
2023 annual financial statements and the 2024 
interim financial statements. 
●
Approved the 
Annual Budget 2025 and the Three 
-Year 
Business Plan (2025-2027), including an adverse scenario. 
●
Discussed the 
Annual Budget 
2025 
and the 
Three-Year 
Business Plan 
(2025-2027), 
including assumptions 
for 
the 
adverse scenario. 
●
Reviewed 2024 performance 
versus budget. 
●
Discussed business developments and liquidity. 
●
Approved the 
Business and Capital Plan Policy and discussed the 
top-down Business and Capital Plan 2024-2026. 
e) Risk Management and Internal Control 
●
Approved the 
Group Chief Risk Officer 
succession plan. 
●
Acknowledged 
the 
annual 
regulatory 
reports 
of 
Group 
Compliance 
and 
Group 
Internal 
Audit 
on 
the 
System 
of 
Internal Controls (SIC). 
●
Reviewed 
the Independent 
Triennial 
Evaluation of 
the 
System of 
Internal Controls 
(SIC) under 
Bank of Greece 
Act 
2577. 
●
Received updates on significant internal 
audit and compliance issues. 
●
Reviewed significant legal 
and regulatory matters. 
●
Approved the 
Risk Appetite Framework 
2024 and Risk Appetite Statements. 
●
Approved the 
Risk Identification and Materiality Assessment 
(RIMA) Framework 
and Reports. 
●
Approved the 
updated Funding Plan, the Leverage 
Coverage Ratio 
(LCR), and the Net Stable Funding Ratio (NSFR) 
forecast plan (2024-2026). 
●
Addressed various issues related to Basel Committee on Banking Supervision 
(BCBS) standard No. 239 (BCBS 239), 
including: 
o
Discussed the action plan for 
the On-Site Inspection (OSI). 
o
Approved the establishment of the Internal Validation 
Function for Risk Data Aggregation & Risk Reporting 
(RRDAR) purposes and its Validation 
Framework. 
o
Approved the 
BCBS 239 Overarching Framework. 
o
Approved the 
Data Governance 
Deployment Plan. 
●
Approved the 
consolidated Pillar 3 Reports (capital 
and risk management disclosures) 
for 2023, Q1 
2024, Q2 2024, 
and Q3 2024. 
●
Received updates on significant risk issues, 
including the Group Chief Risk Officer’s 
Annual Report for 2023. 
●
Reviewed the 
2023 Annual Activity Report of the Audit Committee before 
submission to the AGM. 
●
Approved new 
and revised risk policies and plans, including: 
o
Revised Non-Financial Risk Management Policy 
o
Revised Group Liquidity Risk Policy 
o
Revised Market & Counterparty Risk Policy 
o
Interest Rate Risk in the Banking Book 
(IRRBB) & Credit Spread Risk in the Banking Book 
(CSRBB) Policy 
o
Outsourcing Policy 
f) Transformation 
Project 
●
Received regular updates on the 
transformation 
project. 
5.10.2
Bank 
a) Governance 
●
Proposed to the Annual General 
Meeting (AGM) the appointment of a new Board of Directors 
due to the expiration 
of the previous 
Board’s term and the designation 
of independent non-executive members. 
●
Approved the 
new composition of Board Committees and their 
revised Terms 
of Reference. 
●
Convened the Shareholders’ 
General Meeting. 
●
Discussed the 2023 annual evaluation of the 
Board and Board Committees and reviewed 
the Action Plan. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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GOVERNANCE STATEMENT 
 
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●
Reviewed the 
attendance of Directors at Board 
and Board Committee meetings. 
●
Non-Executive Directors 
approved 
the CEO’s 
performance 
evaluation 
for 
2023 and his 
financial and non-financial 
objectives for 2024. 
●
Approved key 
governance policies, 
including: 
o
CEO Succession Planning Policy 
o
Board of Directors Diversity 
Policy 
o
Board Nomination Policy 
(also submitted to the AGM for 
approval) 
o
Board and Board Committees Evaluation Policy 
o
Group Governance 
Policy 
o
Related Parties Transaction 
Policy 
o
Key Function Holders 
Selection and Appointment Policy 
o
Anti-Bribery and Corruption Policy 
o
External Engagements Policy 
o
Insider Dealing Guidelines 
o
Conflict of Interest Policy 
o
C-Level Succession Planning Policy 
o
Senior Management Selection and Appointment 
Policy 
o
AML/CFT and Sanctions Policy 
●
Non-Executive Directors approved 
the Remuneration 
Policy, the 
Variable Remuneration 
Framework, 
and the Group 
Variable Remuneration 
Pool. 
●
Approved 
the Board 
and Board Committees' 
fees for 
Non-Executive Directors 
and the distribution 
of net profits 
to 
senior management and employees, 
which were subsequently submitted to the 
AGM for approval. 
●
Reviewed the 
implementation of the Group 
Subsidiary Board Remuneration 
Policy during 2023. 
●
Approved the 
Bank’s Internal Governance 
Control Manual. 
●
Approved the establishment of the Wealth Management Unit 
and the revised Eurobank Group Organizational Chart. 
●
Received regular updates on Board 
Committee matters. 
●
Approved the 
Board and Board Committees’ calendar 
for 2025. 
●
Addressed remuneration 
matters, including variable remuneration and remuneration 
increases for senior executives 
of international subsidiaries. 
●
Approved and submitted to the 
AGM for approval 
the appointment of auditors for 
the financial year 2024. 
●
Received updates from 
international banking subsidiaries. 
●
Approved credit 
facilities to related parties. 
b) Strategic Issues, Corporate, 
and Other Actions 
●
Discussed various strategy matters. 
●
Approved the 
updated Group Investment 
and Group Divestment Policies. 
●
Approved 
an increase 
in the 
aggregate 
principal 
amount of 
notes 
issued 
under 
the 
Medium-Term 
Notes 
(EMTN) 
program. 
●
Approved 
the 
merger 
of 
the 
Bank 
with 
“ADEXA 
MONOPROSOPI 
ANONYMI 
ETAIREIA 
DIACHEIRISIS 
KAI 
EKMETALLEFSIS AKINITON”. 
●
Approved the initiation of the merger process for the absorption of Eurobank Holdings by Eurobank (Project Square). 
●
Project Hermione: Discussed 
the Hellenic Bank transaction and approved 
the Mandatory Tender 
Offer (MTO). 
●
Project Hermione II: Approved 
the acquisition of shares in Hellenic Bank and Demetra. 
●
Project Hermione III: 
Approved the 
acquisition of an additional stake in Hellenic Bank. 
●
Approved the 
signing of a binding agreement for the 
sale and transfer of 95% of the 
mezzanine and junior notes of 
the Leon Securitization. 
●
Approved strategic 
investments in private equity funds and the creation 
of a Venture Banking Unit to support these 
initiatives. 
●
Approved Arbitration 
Agreements and authorizations. 
●
Approved the 
closure of the Representative 
Office in Moscow, 
Russia, and ratified related authorizations. 
●
Approved the 
sale of eight (8) real estate properties 
(Praktiker portfolio). 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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c) Capital Adequacy 
●
Approved the 
2024 Internal Capital & Liquidity Adequacy Statements (CAS & LAS) as part 
of the Internal Capital & 
Liquidity Adequacy Assessment Process 
(ICAAP & ILAAP 2024). 
●
Approved the 
securitization of the 
Bank’s receivables from 
business and other 
loan portfolios 
(Leon) and approved 
synthetic securitizations (Wave 
V and Wave VI). 
●
Approved the 
Minimum Requirement for 
Own Funds and Eligible Liabilities (MREL) Plan 2025-2027. 
●
Discussed the Deferred 
Tax Credit 
(DTC) acceleration 
plans. 
d) Business Monitoring 
●
Approved 
the 
2023 
annual 
consolidated 
financial 
statements 
and 
the 
2024 
interim 
consolidated 
financial 
statements. 
●
Approved the 
Annual Budget 2024 and the Three 
-Year 
Business Plan (2024-2026), including an adverse scenario. 
●
Discussed the 
Annual Budget 
2025 
and the 
Three-Year 
Business Plan 
(2025-2027), 
including assumptions 
for 
the 
adverse scenario. 
●
Approved the Group’s 
Non-Performing Exposures 
(NPE) Targets for 
2024-2026 and the NPE Management Strategy. 
●
Reviewed significant subsidiary 
activities and strategic priorities. 
●
Discussed 2024 performance versus 
budget. 
●
Reviewed business developments 
and liquidity. 
e) Risk Management and Internal Control 
●
Approved the 
Group Chief Risk Officer 
succession plan. 
●
Acknowledged 
the 
annual 
regulatory 
reports 
of 
Group 
Compliance 
and 
Group 
Internal 
Audit 
on 
the 
System 
of 
Internal Controls (SIC). 
●
Reviewed 
the Independent 
Triennial 
Evaluation of 
the 
System of 
Internal Controls 
(SIC) under 
Bank of Greece 
Act 
2577. 
●
Received updates on significant internal 
audit issues. 
●
Reviewed compliance updates, including the 
Anti-Money Laundering Business Risk Assessment and the Compliance 
Risk Assessment. 
●
Received updates on significant legal and regulatory 
matters. 
●
Approved the 
Risk Appetite Framework 
2024 and Risk Appetite Statements. 
●
Approved the 
Risk Identification and Materiality Assessment 
(RIMA) Framework 
and Reports. 
●
Approved the 
updated Funding Plan, the Leverage 
Coverage Ratio 
(LCR), and the Net Stable Funding Ratio (NSFR) 
forecast plan (2024-2026). 
●
Addressed various issues related to Basel Committee on Banking Supervision 
(BCBS) standard No. 239 (BCBS 239), 
including: 
o
Discussed the action plan for 
the On-Site Inspection (OSI). 
o
Approved the establishment of the Internal Validation 
Function for Risk Data Aggregation & Risk Reporting 
(RRDAR) purposes and its Validation 
Framework. 
o
Approved the 
BCBS 239 Overarching Framework. 
o
Approved the 
Data Governance 
Deployment Plan. 
●
Approved the 
consolidated Pillar 3 Report (capital and risk management disclosures) 
for 2023. 
●
Received updates on credit and NPE-related 
issues. 
●
Reviewed significant risk issues, 
including the Group Chief Risk Officer’s 
Annual Report for 2023. 
●
Reviewed the 
2023 Annual Activity Report of the Audit Committee before 
submission to the AGM. 
●
Approved new 
and revised risk policies, including: 
o
Non-Financial Risk Management Policy 
o
Group Liquidity Risk Policy 
o
Market & Counterparty Risk Policy 
o
Interest Rate Risk in the Banking Book 
(IRRBB) & Credit Spread Risk in the Banking Book 
(CSRBB) Policy 
o
Outsourcing Policy 
●
Approved the 
appointment of the Head of Group 
Internal Audit (Group Chief Audit Executive). 

 
 
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f) Transformation 
Project 
●
Received regular updates on the 
transformation 
project. 
5.10.3
Board Strategy Day 
In addition to 
the formal 
meetings focused 
on Eurobank’s 
annual budget and three 
-year business plan, 
the Board 
holds an 
annual strategy 
meeting, known 
as the 
Board Strategy 
Day. 
This meeting 
is separate 
from the 
regular Board 
of Directors’ 
meetings and is conducted in an informal setting, without 
the recording of formal 
minutes. 
The purpose of the 
Board Strategy Day is to allow 
Board members the 
time and flexibility to engage in in-depth discussions 
and deliberations 
on the top 
strategic initiatives 
that are 
critical to Eurobank’s 
growth 
and competitive positioning 
among 
its peers. 
During the 
most recent 
Board Strategy 
Day, 
held on 
September 26 
and 27, 
2024, various 
strategic 
issues were 
discussed. 
Following 
the meeting, a memorandum 
was issued summarizing the key discussions. 
5.11
Board and Board Committees overall 
effectiveness 
assessment 
5.11.1
Board and Board Committees Evaluation 
In 
accordance 
with 
the 
HoldCo/Bank 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
(Section 
B4), 
the 
HoldCo/Bank 
Nomination and 
Corporate 
Governance 
Committee (NomCo) 
is responsible 
for 
evaluating the 
structure, size, 
composition, 
and 
performance 
of 
the 
Board 
and 
its 
Committees 
and 
making 
recommendations 
for 
necessary 
changes. 
The 
NomCo 
oversees the annual self-evaluation 
of the Board’s and Committees' effectiveness 
(Internal Evaluation), typically using a self-
assessment questionnaire as the 
primary tool. 
For 
the 
2024 Internal 
Evaluation, all 
thirteen (13) 
Board 
members 
participated 
by completing 
anonymous self-assessment 
questionnaires, 
which were 
administered 
via Diligent’s 
secure 
web-based 
platform. 
These 
questionnaires 
covered 
various 
areas, including: 
●
Strategy oversight 
●
Engagement with management 
●
Risk management 
●
Board composition and dynamics 
●
Chairperson’s role 
●
Secretarial support 
●
Effectiveness of 
Board Committees 
Key Findings of the Internal Evaluation 
The results 
indicated that 
the Boards 
of HoldCo and Eurobank 
continued to function 
effectively 
in 2023, maintaining a 
high 
level of performance 
similar to the 2022 evaluation. 
Strategy Oversight 
●
Board members 
expressed a 
positive impression 
of the 
Board’s role 
in strategy, 
particularly regarding 
discussions 
on major investments and transactions, 
which were viewed 
as robust and well-structured. 
Relationship with Management 
●
The Board’s relationship 
with management remained strong, 
with clear delineation of roles between 
the Board and 
executive leadership. 
Strategic HR and Remuneration 
●
The 
Board 
demonstrated 
strong 
oversight 
of 
banking 
culture, 
ensuring 
alignment 
with 
corporate 
values 
and 
governance principles. 
Risk Governance and Internal 
Control 
●
The Board maintained high standards 
in risk governance 
and internal control. 
●
Key strengths 
included robust 
oversight 
of internal 
controls, 
conflict of interest 
policies, internal 
audit, and conflict 
of interest management. 
Board Profile and Composition 
●
The Board was recognized 
for its adequate knowledge, skills, experience, 
and diversity. 
●
Key strengths included international 
experience, as well as an appropriate 
size and structure. 

 
 
 
 
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Board Functioning and Dynamics 
●
The Board demonstrated 
robust annual agenda planning, with well 
-established and consistent procedures. 
●
Board discussions included constructive reviews 
and challenges, fostering effective 
decision-making. 
Board Chairperson's Role 
●
The Chairperson’s 
leadership was recognized as a key 
factor in the Board’s 
overall 
effectiveness and success. 
Board Secretarial Support 
●
Board 
members 
highlighted 
the 
effectiveness 
of 
operational 
support, 
particularly 
in 
the 
quality 
of 
materials 
submitted by management and the preparation 
of meeting minutes. 
Opportunities for further 
enhancement 
While the evaluation 
was overwhelmingly positive, 
some areas for enhancement 
were identified: 
●
Further enhancing the 
Board’s strategic focus 
to provide greater 
long-term direction. 
●
Strengthening the 
Board’s oversight 
of digital transformation 
initiatives. 
●
Improving the monitoring of 
subsidiary performance, ensuring strategic 
alignment across the 
Group. 
The main conclusions of the Internal Evaluation regarding Board Committees have been 
integrated into the relevant sections 
detailing their functioning and operations. 
5.11.2
Assessment 
of 
the 
knowledge, 
skills 
and 
experience 
(KSE) 
of 
the 
Board 
collectively 
as 
well 
as 
the 
KSE 
and 
contribution of individual Board members. 
In 
accordance 
with 
the 
HoldCo/Bank 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
(see 
the 
relevant 
section 
in 
this 
Statement), the 
NomCo is responsible 
for assessing 
the knowledge, 
skills, and experience 
(KSE) of the 
Board collectively, 
as 
well as the KSE and contribution of individual Board 
members, and reporting to the 
Board accordingly. 
5.11.3
Individual Evaluations 
The individual 
evaluations (assessment 
of the 
Board Chairperson, 
Non-Executive Directors 
(NEDs), and Executive 
Directors) 
consider 
the 
status 
of 
the 
member 
(executive, 
non-executive, 
independent), 
participation 
in 
committees, 
specific 
responsibilities/projects undertaken, 
time commitment, behavior, 
and the application of 
knowledge and experience. 
A. Assessment of the Board 
Chairperson 
The Board Chairperson’s 
evaluation is part of the 
Internal Evaluation and is conducted by 
all other Board 
members through 
the Board and Board Committees’ 
Self-Evaluation Questionnaire. 
The 2024 evaluation 
of the HoldCo/Bank Board Chairperson 
remained very strong, 
consistent with the 2022 evaluation. 
B. Assessment of the Non-Executive 
Directors’ (NEDs) Contribution to the 
Board (Excluding the Chairperson) 
The Board Chairperson is responsible for 
conducting the assessment of NEDs' contributions and presenting the results to the 
NomCo. 
The assessment process 
follows these 
steps: 
●
NomCo approves the 
NEDs’ self-evaluation questionnaire. 
●
The questionnaire is distributed to the NEDs, and responses remain strictly confidential, accessible only to 
the Board 
Chairperson or designated individuals. 
●
The 
Board 
Chairperson 
conducts 
confidential 
one-on-one 
interviews 
with 
each 
NED, 
using 
the 
self-evaluation 
questionnaire as a reference. 
●
The Board Chairperson 
presents an overall 
report on the findings to the 
NomCo. 
●
The Board Chairperson’s views on NEDs’ performance, knowledge, skills, and experience are 
discussed in the NomCo, 
particularly during the (re)appointment and 
succession planning of Board members. 
For the 
2023 annual assessment, the Board Chairperson 
led the evaluation 
of the NEDs' contribution using a self-evaluation 
questionnaire consisting of 10 questions focused 
on five key areas: 
●
Contribution to overall 
Board profile and skillset 
●
Board participation and quality of contributions to 
deliberations 
●
Punctuality and attendance 
●
Team spirit and demeanor 
●
Independent thinking and constructive challenge 

 
 
 
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The 2024 
annual assessment demonstrated 
that the 
NEDs adequately meet 
expectations, effectively 
fulfilling their 
roles as 
Directors of HoldCo/Bank. 
C. Executive Directors’ Performance 
Evaluation 
The evaluation 
of Executive 
Directors, including 
the CEO 
and Deputy CEOs, 
follows 
a structured 
process involving 
the CEO, 
the 
NomCo, 
and 
the 
Board 
Remuneration 
Committee 
(RemCo). 
This 
annual 
evaluation 
is 
based 
on 
qualitative 
and 
quantitative Key Performance 
Indicators (KPIs) approved 
by the Non-Executive Directors. 
For 
the 
CEO’s evaluation, 
the 
RemCo proposes 
KPIs related 
to CEO 
remuneration, 
which are 
then 
submitted to 
the 
Non-
Executive 
Directors 
for 
approval. 
The 
CEO's 
performance 
is 
assessed 
based 
on 
these 
approved 
KPIs, 
and 
the 
results 
are 
communicated to the CEO and considered 
in determining remuneration. 
5.11.4
Collective Suitability Assessment 
In 2024, 
alongside the 
Board of 
Directors’ 
performance 
evaluation, 
an assessment 
of the 
Board’s collective 
suitability was 
conducted 
in 
accordance 
with 
the 
Joint 
ESMA/EBA 
Guidelines 
on 
the 
assessment 
of 
the 
suitability 
of 
members 
of 
the 
management body and key function 
holders (EBA/GL/2021/06). This assessment 
was supported by the NomCo. 
The 
evaluation 
examined 
whether 
the 
Board 
collectively 
possesses 
the 
necessary 
knowledge, 
skills, 
and 
experience 
to 
understand the 
business model, strategy, 
risks, and governance 
-related matters. 
The assessment 
confirmed that 
the Board 
is collectively suitable to effectively 
address these areas. 
The evaluation 
also identified potential 
areas for 
improvement 
in specific business lines 
and products, various 
geographies 
and subsidiaries, 
and risk 
management, 
particularly 
regarding 
cybersecurity 
and outsourcing 
risks. It 
was suggested 
that 
initiatives could be considered to address 
these observations 
and ensure alignment with HoldCo/Bank strategic 
goals. 
To 
enhance 
understanding 
in 
these 
areas, 
presentations 
at 
the 
Board 
and 
Board 
Committees 
level, 
along with 
targeted 
external training and internal sessions, 
will continue to play a central role 
in strengthening the Board’s 
expertise. 
5.12
 
Directors’ Induction and Continuous Professional 
Development 
In accordance 
with the 
Directors’ 
Induction 
and Continuous 
Professional 
Development 
Process, 
Mr. 
Evangelos Kotsovinos, 
who joined 
the Board 
in 2024, 
underwent a 
comprehensive 
Induction Program 
designed to achieve 
several 
key objectives, 
as outlined in Section B8. 
Upon his appointment, Mr. Kotsovinos: 
●
Received 
a 
Manual 
of 
Obligations 
detailing 
his 
main 
responsibilities 
towards 
the 
Supervisory 
Authorities 
and 
HoldCo/Bank, including local regulations 
and Board procedures. 
●
Attended meetings 
and presentations 
by Key 
Executives 
of HoldCo/Bank, 
providing 
a comprehensive 
overview 
of 
the organization. 
As 
part 
of 
the 
continuous 
professional 
development 
framework, 
in 
2024, 
Board 
members 
participated 
in 
formal 
training 
sessions on: 
●
Challenger Banks and the Competitive 
Landscape 
●
Developments and challenges in the 
new AML supervisory framework 
●
Corporate Sustainability Reporting Directive 
(CSRD) 
Additionally, Board 
members engaged in in-house meetings and discussions on Strategy, 
Business Planning, and Budgeting. 
They 
received 
regular updates, 
reports, and 
presentations 
from 
senior management 
on operational 
and strategic 
targets, 
market developmen 
ts, and updates on risk, audit, compliance, financial, human resources, 
legal, and regulatory matters. 
Board members 
also received 
regular and ad-hoc 
research and 
economic bulletins from 
Eurobank's Economic 
Analysis and 
Financial Markets Research. 
6.
Board Committees 
The Boards 
of HoldCo and 
Eurobank are 
assisted in carrying 
out their 
duties by Board 
Committees, to which they 
delegate 
specific responsibilities. 
The HoldCo/Bank Board 
Committees include: 
●
Audit Committees (ACs) 
●
Board Risk Committees (BRCs) 
●
Remuneration 
Committees (RemCos) 
●
Nomination Committee (NomCo) 
●
Bank Board Digital & Transformation 
Committee (BDTC) 

 
 
 
 
 
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4
6.1
Governance and Operations 
of Board Committees 
6.1.1
Board Committees’ members 
The members of HoldCo/Bank 
Board Committees are appointed by the respective 
Board, following 
a recommendation from 
the NomCo and in accordance with the 
applicable legal and regulatory framework. 
The tenure 
of Committee members 
coincides with the 
tenure of the 
respective Board, 
with the option 
for renewal. 
However, 
total service on the 
Committees must not exceed nine (9) years. 
6.1.2
Board Committees’ Terms 
of Reference (ToR) 
The 
ToR 
of each 
Board 
Committee outlines 
its purpose, 
responsibilities, 
and modus 
operandi. 
It is 
reviewed 
annually and 
revised if necessary unless 
significant changes require an 
earlier revision. The ToR is approved by the Board and 
made publicly 
available on the HoldCo or Bank website. 
6.1.3
Board Committees’ meetings 
The minimum number of annual meetings 
for each Board Committee is defined in its ToR. 
Only 
Committee 
members 
have 
the 
right 
to 
attend 
meetings, 
though 
other 
individuals, 
such 
as 
Management 
members, 
external auditors, and 
external advisors, may 
be invited when 
appropriate and 
necessary. 
The number 
of invitees is kept 
to 
a minimum to preserve the 
efficiency and effectiveness 
of the meeting. 
Members 
may 
attend 
meetings 
remotely 
via 
video 
or 
audio 
conference. 
A 
mandatory 
minimum 
attendance 
requirement 
applies, 
as 
set 
out 
in 
the 
Board 
and 
Board 
Committees’ 
Attendance 
Policy 
(please 
refer 
to 
the 
relevant 
section 
in 
this 
Statement). 
6.1.4 
Quorum in the Board Committees’ 
Meetings 
A quorum is established when more than half of the 
Committee members are present or represented, 
provided that at least 
three (3) members are present, including the Chairperson or, in the case of HoldCo/Bank ACs and BRCs, 
the Vice Chairperson. 
Each Committee member 
may validly represent 
only one other 
Committee member. 
Representation cannot 
be assigned to 
individuals outside the Committee. 
6.1.5
Board Committees’ Decisions 
Resolutions are validly adopted by an absolute majority of 
the members present 
or represented. 
In the event 
of a tie, the 
Chairperson (or in their 
absence, the Vice 
Chairperson for 
HoldCo/Bank ACs and BRCs) 
or the most 
senior Independent 
Non-Executive Director 
present (based 
on tenure) 
for HoldCo/Bank 
RemCos, NomCos, and 
Bank BDTC, 
has the casting vote. 
The Board is informed 
whenever 
an AC decision is not reached unanimously. 
Minutes may be drawn up and signed by circulation by 
all Committee members, which is equivalent to a valid decision, even 
if no formal meeting takes place. 
6.1.6
Board Committees’ Secretary and Minutes 
Each 
HoldCo/Bank 
Board 
Committee 
appoints 
its 
Secretary, 
who 
reports 
to 
the 
Group 
Company 
Secretariat 
and 
collaborates with the 
Committee Chairperson and other 
relevant parties. 
The Secretary is responsible 
for: 
●
Recording the proceedings 
and decisions of the Committee meetings. 
●
Listing the names of attendees and documenting action 
plans and follow-ups. 
●
Issuing extracts of minutes as required. 
●
Disseminating decisions, actions, and follow 
-ups to the relevant parties. 
6.1.7
Board Committees’ Performance 
Evaluation 
The performance 
of Board Committees is evaluated annually, in line with the Board and 
Board Committees Evaluation Policy 
(please refer to the 
relevant section in this Statement). 
6.2
Audit Committee 
The primary function 
of the HoldCo/Bank Audit Committee 
(AC) is to assist the respective 
Board in discharging its oversight 
responsibilities primarily relating to: 
●
the 
review 
of the 
adequacy of 
the 
Internal Control 
and Risk 
Management 
systems and 
the 
compliance 
with rules 
and regulations monitoring process, 
4
 
HoldCo/Bank ACs’ Terms 
of Reference may be 
found at the 
HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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●
the 
review 
of 
the 
financial 
reporting 
process 
and 
satisfaction 
as 
to 
the 
integrity 
of 
the 
HoldCO’s 
Financial 
Statements, also taking into account the provisions 
of L. 5164/2024, 
●
the External Auditors’ selection, 
performance and independence, 
●
the effectiveness 
and performance 
of the Internal Audit and of the Compliance 
function. 
In addition, in the context 
of AC’s responsibility to safeguard External Auditors’ independence, the AC ensures that 
the nature 
of non-audit services, prior to their being undertaken 
by the External Auditors, has been reviewed 
and approved as required 
and that there 
is proper 
balance between 
audit and non-audit work 
in accordance 
with Group’s 
/ Bank’s policy on 
External 
Auditors’ Independence. 
6.2.1
AC Membership/Composition 
The HoldCo/Bank’s ACs are Committees 
consisted exclusively by Board 
members and their compositions have 
been approved 
by the General 
Meetings of the Shareholders (as per the 
legal framework), 
following the 
recommendation of the 
NomCos to 
the 
Boards. 
The 
Chairperson 
of the 
Committees 
is appointed 
by 
the 
members 
of the 
Committees, 
while the 
Committee’s 
members may also appoint a Vice 
Chairperson. 
All AC members have 
sufficient knowledge in the 
field of HoldCo/Bank’s activities and the 
necessary skills and experience 
to 
carry out their 
duties and meet the requirement 
of established knowledge and experience in auditing and/or accounting. 
The ACs consist of five (5) 
independent non-executive Directors of 
the Board. In particular, the HoldCo/Bank’s AC composition 
is outlined below: 
AC Chairperson: 
Burkhard Eckes, 
Non-Executive Independent Director of the 
Board
AC Vice-Chairperson: 
Jawaid Mirza, 
Non-Executive Independent Director of the 
Board
AC Members: 
Irene Rouvitha Panou, 
Non-executive Independent Director of the 
Board
Rajeev Kakar
,
Non-Executive Independent Director of the 
Board
Alice Gregoriadi, 
Non-Executive Independent Director of the 
Board
It 
is 
noted 
that 
in 
line 
with 
the 
provisions 
of 
article 
44 
of 
law 
4449/2017, 
as 
in 
force, 
and 
further 
to 
the 
decision 
of 
the 
HoldCo/Bank’s 
Annual 
General 
Meetings 
of 
Shareholders 
as 
of 
23.07.2024 
regarding 
the 
recomposition 
of 
the 
Audit 
Committees and more specifically regarding their type, composition and term of office; and the BoDs’ decision of 23.07.2024 
regarding the membership of the AC, following the relevant recommendations by the NomCos of28.05.2024, the ACs decided 
on their constitution and on the 
appointment of their Chairman. 
Compared to 
the previous 
ACs’ composition 
and following 
the recomposition 
of the 
ACs on 
23.07.2024, 
the ACs’ 
members 
increased 
from 
four 
(4) to 
five 
(5) members, 
with Ms. 
Alice 
Gregoriadi 
being the 
new 
member 
of the 
ACs. 
In addition, 
Mr. 
Burkhard 
Eckes 
(previously 
Vice-Chairperson 
of 
the 
ACs) 
swapped 
his 
AC 
status 
with 
Mr. 
Jawaid 
Mirza 
(previously 
Chairperson of the ACs) and 
was appointed Chairperson 
of the ACs, while Mr. Jawaid 
Mirza was appointed 
Vice-Chairperson 
of the ACs. 
6.2.2
AC Meetings 
The 
HoldCo/Bank’s ACs 
meet at 
least eight 
(8) times 
per year 
or more 
frequently, 
as circumstances 
require, report 
on their 
activities to the HoldCo/Bank’s Boards on a quarterly basis and submit the minutes of their meetings and the annual Activity 
Reports (before their 
submission to the HoldCo/Bank Shareholders’ 
Annual General Meeting) to the HoldCo/Bank’s 
Boards. 
Apart 
from 
the 
AC 
members, 
the 
BRC’s 
members 
may 
also 
attend 
AC 
sessions 
when 
common 
issues 
are 
discussed 
(e.g. 
compliance risk 
assessment). 
The 
Chairperson of 
the 
AC 
may also 
invite to 
the 
meetings other 
executives 
of the 
Group 
or 
external advisors or experts, as deemed appropriate. 
6.2.3
Attendance to the AC Meetings 
During 2024 the attendance details for 
the Audit Committee were 
as follows: 
Company 
Meetings 
Average 
ratio 
of 
Directors’ attendance 
2024 
2023 
2024 
2023 
HoldCo 
15 
17 
97% 
100%
Bank 
14 
16 
98% 
100% 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The Directors’ 
individual attendance rates at the 
AC meetings in 2024 were 
the following: 
Name 
Eurobank Holdings AC 
Eurobank AC 
Eligible to attend 
Attended in person 
(# and %) 
Eligible to 
attend 
Attended in person 
(# and %) 
Burkhard Eckes, 
AC Chairperson
15 
14
93% 
14 
14 
100% 
Jawaid Mirza,
 
AC Vice-Chairperson
15 
15 
100% 
14 
14 
100% 
Irene Rouvitha Panou, 
AC member
15 
15 
100% 
14 
14 
100% 
Rajeev Kakar,
 
AC member 
15 
14 
93% 
14 
13 
93% 
Alice Gregoriadi, 
AC member
7 
7 
100% 
7 
7 
100% 
It is noted 
that in 2024, 
Mr. B. 
Eckes provided 
representation 
proxy for 
his missed meeting 
in HoldCo’s 
AC and Mr. 
R. Kakar 
provided representation proxies for his missed meetings 
in HoldCo/Bank’s ACs, leading 
their overall attendance rate (physical 
and under representation) at 
100% in HoldCo/Bank’s ACs. 
6.2.4
AC’s Performance 
Evaluation 
At 
the 
2024 
self-evaluation 
conducted 
by 
the 
AC, 
its 
members 
expressed 
satisfaction 
with 
the 
committee's 
structure, 
effectiveness 
and 
leadership. 
They 
commented 
on 
the 
AC's 
efficient 
use 
of 
time 
and 
scheduling 
and 
the 
well-structuring 
meetings that 
ensure 
critical issues 
are addressed 
appropriately. 
The 
Chairperson of 
the 
AC 
was praised 
for 
his ability 
to 
ensure continuity and strong guidance during the transition and to encourage critical discussions and inclusive participation. 
The 
evaluation 
also 
highlighted 
opportunities 
for 
further 
enhancement 
Members 
suggested 
expanding 
the 
Committee’s 
mandate 
to 
include 
sustainability 
oversight, 
given 
its 
growing 
importance 
in 
regulatory 
and 
strategic 
discussions. 
Strengthening 
coordination 
with subsidiary 
audit committees 
and addressing 
cybersecurity 
and data 
privacy with 
regular 
updates and 
improved 
controls 
were 
also highlighted as 
possible priorities. 
Finally, 
leveraging 
technology and 
analytics to 
enhance risk identification, mitigation, 
and audit processes remains another 
focus area 
6.2.5
ACs’ Activity in 2024 
For 2024, ACs 
have amongst others: 
Eurobank Holdings 
●
Decided on their constitution/reconstitution 
and the appointment of their 
Chairman. 
●
Reviewed and approved 
the Compliance Mandate. 
●
Approved the 
annual plans of Internal Audit and Compliance and monitored their 
progress. 
●
Reviewed 
and 
discussed 
reports 
related 
to 
Internal 
Audit 
and 
Compliance, 
including 
quarterly 
reports 
from 
the 
Internal Audit and Compliance functions. 
●
Discussed the progress 
of actions taken to resolve 
Internal Audit findings. 
●
Received updates on various internal 
control, legal, and regulatory 
issues. 
●
Ensured that an annual evaluation of the System of 
Internal Controls (SIC) for 2023 was performed and documented 
by Internal Audit. This report, along with the AC’s assessment, was further 
submitted to the Board of Directors (BoD) 
and subsequently to the Bank of Greece (BoG) as required. 
●
In line with 
the BoG Governors 
Act 2577/2006, 
acknowledged the 
annual Group 
Compliance report 
on compliance 
activities for 2023. This 
report, along with the AC’s 
assessment, was further 
submitted to the BoD and subsequently 
to BoG as required. 
●
During 
the 
first 
quarter 
of 
2024, 
discussed 
and 
submitted 
to 
the 
Board 
Risk 
Committee 
(BRC) 
and 
BoD 
for 
acknowledgment, the independent triennial Evaluation 
of the System of Internal Controls 
(SIC) conducted by Grant 
Thornton (Independent Evaluation) in accordance 
with BoG Act 2577/2006. The Independent Evaluation, 
along with 
the AC’s assessment, 
was submitted to BoG as required. 
●
Reviewed and submitted to the 
BoD for approval 
the revised Related 
Party Transactions 
Policy. 
●
Reviewed 
and, 
depending 
on 
the 
case, 
ratified, 
approved, 
or 
approved 
and 
submitted 
to 
the 
BoD 
for 
approval/information: 
o
The revised 
MiFID II Product Governance 
Policy. 
o
The Group 
Anti-trust Compliance Policy. 
o
The revised 
Policy for Reporting Illegal or 
Unethical Conduct or Violations 
of European Union Law. 
o
The revised 
Anti-Bribery and Corruption Policy. 
o
The Policy 
for the Prevention 
and Detection of Market Abuse. 
o
The Insider Dealing Guideline. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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o
The revised 
Conflict of Interest Policy. 
o
The revised 
Code of Conduct and Ethics. 
●
In the context of 
the Policy for Reporting Illegal or Unethical Conduct 
or Violations of European Union Law, approved 
and submitted to the BoD for 
approval the appointment 
of the Report Receiving & Monitoring Officer 
(RRMO) and 
the assistant RRMO. 
●
Discussed financial results with Management, Internal 
Audit, and External Auditors. 
●
Reviewed and cleared the financial 
statements and other financial reports 
and trading updates 
prior to their release. 
●
Discussed with 
Management the 
implementation 
of corrective 
actions to recommendations 
made by 
Internal and 
External Auditors and Regulatory Authorities. 
●
Assessed 
the 
effectiveness, 
objectivity, 
and 
independence 
of 
the 
External 
Auditors 
for 
the 
financial 
year 
2023, 
discussed the 
results of 
their evaluation 
with Management 
and Internal 
Audit, and communicated 
the final 
results 
to the Board and the 
External Auditors. 
●
Proposed 
to the 
Board 
and the 
Annual General 
Meeting (AGM) 
the 
appointment 
of the 
External Auditors 
for 
the 
financial year 2024. 
●
Discussed and approved the 
Global Group Audit and Assurance 
Fees for 
2024. 
●
Approved 
the External 
Auditors’ Independence 
Policy and monitored, 
in line with 
this policy, 
the non-audit services 
provided by the 
External Auditor in 2024. 
●
Reviewed and approved 
the updated External Auditors Tendering 
Policy and Procedure. 
●
Reviewed: 
o
The eligibility of audit firms for 
the statutory audit versus IT delivery 
sourcing for strategic 
IT projects. 
o
The five-year 
rolling plan (2025-2029) regarding the 
eligibility of audit firms for the statutory audit of Eurobank 
Ergasias 
Services 
and Holdings 
Group, 
as well 
as potential 
conflicts of 
interest 
with 
eligible 
audit firms. 
This 
review was conducted in accordance with Greek Law 4449/2017, 
EU Regulation 537/2014, and the requirements 
of the 
International 
Code of 
Ethics for 
Professional 
Accountants issued 
by the 
International 
Ethics Standards 
Board for Accountants (IESBA). 
●
Initiated the External Auditors’ 
tendering process for 
the Group statutory audit of 2027. 
●
Assessed the 
performance 
of the 
Internal Auditor 
and the 
Head of 
Compliance/Anti-Money 
Laundering Reporting 
Officer for 
2023. 
●
Received updates on the 
progress of the Annual Budget. 
●
In accordance with the provisions 
of Law 2533/1997, 
reviewed reports 
on substantial stock transactions by HoldCo’s 
Directors and General 
Managers that meet the 
criteria set in Law 2533/1997 and notified the Board. 
●
Approved and submitted to the 
Board for further 
submission to the AGM the 
annual AC Activity Report for 2023. 
●
Discussed the Annual AC Plan for 
2025. 
●
Participated in Board Risk Committee 
(BRC) meetings, during which discussions included: 
o
Accounting policies, including hedge accounting policy. 
o
Progress reports on the 
Corporate Sustainability Report Directive 
(CSRD) Program Implementation. 
o
Various 
risks, including non-financial risks, climate-related 
and environmental 
risks, and the Environmental 
and 
Social Governance 
(ESG) Strategy. 
Eurobank 
●
Decided on its constitution/reconstitution and the 
appointment of its Chairman. 
●
Reviewed and approved 
the revised Compliance 
Mandate. 
●
Jointly with the 
BRC, discussed and 
further submitted to the BoD 
for discussion the Business Risk 
Assessment Exercise 
(AML, CFT, 
Sanctions) and the Compliance Risk Assessment. 
●
Approved 
and further 
submitted to 
the 
BoD for 
information 
the 
annual 
and triennial 
Plans of 
Internal 
Audit and 
Compliance and monitored their 
progress. 
●
Reviewed 
and discussed 
regular 
and ad 
hoc reports 
with information 
relating 
to the 
System of 
Internal 
Controls, 
including 
quarterly 
reports 
from 
Group 
Internal 
Audit, 
Group 
Compliance, 
the 
Operational 
Risk 
Sector, 
Clients 
Relations Office, 
etc. 
●
Received updates on various legal and regulatory 
issues. 
●
Discussed extensively AML issues, including the legal 
and regulatory framework 
for the EU’s Anti-Money 
Laundering 
Authority (AMLA) along with the respective 
implementation timeline for 
Eurobank. 
●
Discussed various Group Compliance issues, 
including the Compliance Transformation 
Project. 
●
Ratified the scoping memo and approved 
the external advisor (i.e., EY) for 
the review of Group 
IA’s Risk Assessment 
and Audit 
Planning Methodology (External Review). Subsequently, after its 
completion, the AC approved the External 
Review and the respective 
action plan. 

 
 
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●
Discussed 
the 
quality 
assessment 
of 
the 
Group 
Internal 
Audit 
activities, 
covering 
the 
operations 
of 
the 
entire 
Eurobank 
Group 
in 
Greece 
and 
its 
subsidiaries 
abroad, 
against 
the 
Internal 
Audit 
Standards, 
conducted 
by 
an 
external advisor (i.e., 
Ernst & Young (EY)). EY 
identified 12 improvement opportunities, and 
the AC approved an action 
plan for their implementation. 
●
In line with the BoG Act 
2577/2006, ensured that an annual evaluation of the System of Internal Controls for the year 
2023 was performed and documented by the Internal Audit Group. This report, along with the AC’s assessment, 
was 
further submitted to the 
BoD and subsequently to the BoG as required. 
●
During the 
1Q 2024 AC 
meeting, discussed and 
further 
submitted to the 
Board Risk 
Committee (BRC) and 
BoD for 
acknowledgment, 
the 
independent 
triennial 
Evaluation 
of 
the 
System 
of 
Internal 
Controls 
(SIC) 
per 
BoG 
Act 
2577/2006 conducted by Grant Thornton (Independent Evaluation). The Independent Evaluation, along 
with the AC’s 
assessment of the evaluation, 
was submitted to the Bank of Greece (BoG) as required. 
●
In line with the BoG Governors 
Act 2577/2006, reviewed 
the annual Group Compliance Sector’s reports 
on AML and 
compliance activities of the Bank for the year 2023. These reports, along with the AC’s own assessment, were 
further 
submitted to the Board and the 
BoG. 
●
Reviewed and submitted to the 
BoD for approval 
the revised Related 
Party Transactions 
Policy. 
●
Reviewed 
and, 
depending 
on 
the 
case, 
approved 
or 
approved 
and 
further 
submitted 
to 
the 
BoD 
for 
approval/information: 
o
The revised 
MiFID II Product Governance 
Policy 
o
The new MiFID II 
Marketing Communications Policy 
o
The revised 
Appropriateness Assessment Policy 
o
The revised 
Inducements Policy 
o
The revised 
Client/Investor Categorization Policy 
o
The revised 
Suitability Assessment Policy 
o
The AML/CFT and Sanctions Policy 
o
The Group 
Anti-trust Compliance Policy 
o
The revised 
Policy for Reporting Illegal or 
Unethical Conduct or Violations 
of European Union Law 
o
The revised 
Anti-Bribery and Corruption Policy 
o
The Policy 
for the Prevention 
and Detection of Market Abuse 
o
The Insider Dealing Guideline 
o
The revised 
Code of Conduct and Ethics 
o
The revised 
Conflict of Interest Policy 
o
The Order 
Execution Policy 
●
In 
the 
context 
of 
the 
Policy 
for 
Reporting 
Illegal 
or 
Unethical 
Conduct 
or 
Violations 
of 
European 
Union 
Law 
(mentioned 
above), 
approved 
and further 
submitted to 
the 
BoD for 
approval 
the 
Report Receiving 
& Monitoring 
Officer (RRMO) and the 
Assistant RRMO. 
●
Discussed with Management, Internal Audit, and External Auditors issues relating 
to the financial results. 
●
Discussed/approved 
(depending 
on the 
case) 
various 
Group 
Internal 
Audit issues, 
including 
its staffing, 
strategy, 
budget, and training. 
●
Received an 
update regarding 
the gap 
assessment performed 
through interviews, 
workshops, and documentation 
analysis by an external 
consultant (i.e., PwC) for 
the evaluation 
of the readiness 
of Eurobank’s 
Group Internal 
Audit 
function to conform with 
Global International Audit Standards 
(GIAS). 
●
Strengthened its monitoring of the 
effectiveness 
of the IA functions of subsidiaries (in Greece 
and abroad). 
●
Reviewed and cleared 
the consolidated financial statements. 
●
Discussed with 
Management the 
implementation 
of corrective 
actions to recommendations 
made by 
Internal and 
External Auditors and Regulatory Authorities. 
●
Assessed 
the 
effectiveness, 
objectivity, 
and 
independence 
of 
the 
External 
Auditors 
for 
the 
financial 
year 
2023, 
discussed the 
results of 
their evaluation 
with Management 
and Internal 
Audit, and communicated 
the final 
results 
to the Board and the 
External Auditors. 
●
Approved the 
External Auditors’ Bank Group Audit and Assurance 
Fees for 
2024. 
●
Proposed 
to 
the 
Board 
and 
the 
Annual 
General 
Meeting 
of 
Shareholders 
for 
approval 
the 
appointment 
of 
the 
External Auditors for the 
financial year 2024. 
●
Approved 
the External 
Auditors’ Independence 
Policy and 
monitored, in line 
with this Policy, 
the non-audit services 
provided by the 
External Auditor in 2024. 
●
Received an update on the 
External Auditor’s tendering process 
for the Group 
statutory audit of 2027. 
●
Assessed the performance 
of the Chief Audit Executive 
and the General 
Manager Head of Group Compliance/Anti-
Money Laundering Reporting Officer. 
●
Monitored 
the 
memberships 
and 
the 
modus 
operandi 
of 
the 
Audit 
Committees 
of 
the 
banking 
subsidiaries, 
as 
required, and reviewed 
their Activity Reports. 

 
 
 
 
 
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5
●
Approved banking subsidiaries’ 
AC Chairs appointed during 2024. 
●
Discussed key Audit Committee issues with the 
Chairpersons of banking subsidiaries. 
●
In 
accordance 
with 
the 
provisions 
of Law 
2533/1997, 
the 
Audit Committee 
reviewed 
reports 
on substantial 
stock 
transactions of 
the Bank’s Directors 
and General 
Managers that met 
the criteria 
set in Law 2533/1997 
and notified 
the Board. 
●
Approved and notified the Board for further submission to 
the Annual General Meeting the annual 
AC Activity Report 
for 2023. 
●
Discussed the Annual AC Plan for 
2025. 
●
At the BRC meetings that 
the AC members 
participated in, discussions included progress 
reports for the 
Corporate 
Sustainability Report Directive 
(CSRD) Program Implementation, 
risk issues such as operational 
risk, IT security risk, 
and climate-related 
and environmental 
risk, the 
MREL plan, 
and the 
Environmental 
and Social 
Governance 
(ESG) 
Strategy. 
It is noted that 
in accordance 
with the 
Law 4449/2017 as 
in force, 
the HoldCo/Bank 
ACs submit an 
annual activity report 
to 
their 
Shareholders’ 
Annual General 
Meeting on 
the 
issues dealt 
with by 
the 
ACs during 
the 
previous 
year, 
also including 
a 
description of the sustainability policy followed 
by each entity. 
The 2024 HoldCo/Bank ACs 
Activity Reports which are also part of the 
2024 HoldCo/Bank Annual Financial Reports, refer 
to 
the AC activity during 2024, the 
issues addressed and the sustainability policy. 
6.3
Board Risk Committee 
The purpose of the 
HoldC/Bank’s Board Risk Committee (BRC) is to assist the Board 
in the following 
risk-related issues: 
●
to advise and support BoD regarding 
the monitoring of overall 
actual and future risk appetite and strategy, 
taking 
into account all types of risks to ensure that they are in line with the 
business strategy, 
objectives, corporate 
culture 
and values 
●
to provide BoD with recommendations 
on necessary adjustments to the 
risk strategy 
●
to assist BoD in overseeing the 
implementation of risk strategy 
and the corresponding limits set 
●
to oversee the implementation of the strategies for capital and liquidity management as well as for all material risks 
of the 
Group, as 
identified through 
the Risk 
Identification and 
Materiality Assessment 
(RIMA) process 
and listed in 
the relevant RIMA report, in 
order to assess 
their adequacy against the 
approved risk appetite and 
strategy. Material 
risk types include financial and 
non-financial risks, indicatively 
credit risk, market risk, 
liquidity risk, interest 
rate risk 
and credit spread risk in the banking book, counterparty 
risk, operational 
risk, climate risk, country risk, reputational 
risks, conduct risk, risks stemming from strategic projects 
●
to 
oversee 
the 
progress 
made 
to 
enhance 
resolvability 
in 
accordance 
with 
the 
requirements 
of 
the 
Resolution 
Authorities (for Bank BRC only). 
●
to review a 
number of possible scenarios, 
including stressed scenarios, 
to assess how the 
risk profile would 
react to 
external and internal events 
●
to oversee 
the 
alignment between 
all material 
financial products 
and services 
offered 
to clients 
and the 
business 
model and risk strategy. The 
BRC should assess the risks associated with the offered 
financial products and services 
and take 
into account 
the 
alignment 
between the 
prices 
assigned to 
and the 
profits 
gained from 
those products 
and services (for Bank BRC only) 
●
to provide advice on the appointment of external consultants that BoD may decide to engage for advice or support 
●
to assess the 
recommendations 
of internal 
or external 
auditors and follow 
up on 
the appropriate 
implementation 
of measures taken 
●
to ensure that an appropriate risk management framework has been developed which is embedded in the decision-
making process (e.g. new products and services introduction, 
risk adjusted pricing, internal risk models, risk adjusted 
performance measures 
and capital allocation) 
●
to define the risk management principles and ensure that there are the appropriate 
methodologies, modeling tools, 
data sources and sufficient and competent staff 
to identify, assess, monitor and mitigate risks 
●
to 
set, 
approve 
and 
oversee 
the 
implementation 
of 
the 
risk 
culture, 
core 
values 
and 
expectations 
regarding 
all 
material risks. 
6.3.1
BRC Membership/Composition 
The BRCs 
consist of five (5) 
independent non-executive Directors. 
The Chairperson 
qualifies as independent member 
with a 
solid experience 
in commercial 
banking and preferably 
risk and/or Non-Performing 
Exposures management 
and is familiar 
with the Greek and international 
regulatory framework. 
The appointment of the Chairperson 
and the Vice-Chairperson shall 
go through the 
NomCos’ proposal process 
and approved by 
the Board. 
5
HoldCo/Bank BRCs’ Terms of Reference 
may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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The BRCs’ composition is outlined 
below: 
BRC Chairperson: 
Rajeev Kakar, 
Non-Executive Independent Director of the 
Board
BRC Vice-Chairperson: 
 
John Arthur Hollows, 
Non-executive Independent Director of the Board
BRC Members: 
Cinzia Basile,
 
Non-Executive Independent Director of the 
Board
Burkhard Eckes, 
Non-Executive Independent Director of the 
Board
Evangelos Kotsovinos
, Non-executive Independent Director of the 
Board
It 
is noted 
that 
during 
2024 
and following 
NomCos’ 
recommendations 
for 
the 
recomposition 
of 
the 
HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on30.05.2024, 
28.06.2024 and 
23.07.2024,the 
following: 
●
to 
appoint 
Messrs. 
Burkhard 
Eckes 
and 
Evangelos 
Kotsovinos 
as 
new 
BRC 
members, 
in replacement 
of 
Ms. 
Alice 
Gregoriadi and Mr. Bradley 
Paul Martin respectively. 
●
Mr. John Arthur Hollows to 
swap his 
BRC status with 
that of Ms. 
Cinza Basile, i.e. 
Mr. John Arthur Hollows to 
undertake 
the 
position 
of BRC’s 
Vice 
Chair (previously 
held 
the 
position 
of BRC’s 
member) 
whereas 
Ms. Alice 
Gregoriadi 
to 
undertake the position 
of BRC’s member (previously 
held the position of BRC’s Vice 
Chair). 
6.3.2
BRC Meetings 
The 
BRC 
meets 
at 
least 
ten (10) 
times 
per 
year 
and the 
Chairperson 
updates 
the 
BoD 
members 
on the 
material 
matters 
covered 
by the Committee during the previous 
period (if any) at the quarterly 
meetings of the BoD. 
Apart from 
the BRC 
members, the 
AC’s members 
may also attend 
BRC sessions when 
common issues are 
discussed (i.e. on 
operational 
risk matters, 
on IT 
security and 
cyber risks). 
The 
Chairperson of 
the 
BRC may 
also invite 
to the 
meetings other 
executives of the 
Group or external advisors or experts, as deemed 
appropriate. 
6.3.3
Attendance to the BRC Meetings 
During 2024, attendance details for 
the Board Risk Committee were 
as follows, 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2024 
2023 
2024 
2023 
HoldCo 
12 
12 
95% 
100%
Bank 
12 
13 
95% 
100% 
The Directors’ 
individual attendance rates at the 
BRC meetings in 2024 were the 
following: 
Name 
Eurobank Holdings 
BRC 
Eurobank BRC 
Eligible to attend 
Attended in person 
(# and %) 
Eligible to 
attend 
Attended in 
person 
(# and %) 
Rajeev Kakar, 
BRC
Chairperson
12 
11 
92% 
12 
11 
92% 
John Arthur Hollows,
 
BRC Vice-Chairperson
12 
11 
92% 
12 
11 
92% 
Cinzia Basile, 
BRC member
12 
12 
100% 
12 
12 
100% 
Burkhard Eckes,
 
BRC member since 23.07.2024
5 
5 
100% 
5 
5 
100% 
Evangelos Kotsovinos, 
BRC member since 23.07.2024
5 
4 
80% 
5 
4 
80% 
Bradley Paul L. Martin, 
BRC member until 23.07.2024
7 
7 
100% 
7 
7 
100% 
Alice Gregoriadi, 
BRC member until 23.07.2024
7 
7 
100% 
7 
7 
100% 
It is noted 
that in 2024, Messrs. 
Rajeev Kakar, John Arthur Hollows and Evangelos 
Kotsovinos provided representation proxies 
for their 
missed meetings in HoldCo/Bank’s 
BRCs, leading their 
overall 
attendance rate 
(physical and under 
representation) 
at 100% in HoldCo/Bank’s BRCs. 
6.3.4
BRCs’ Performance 
Evaluation 
The 2024 
self-evaluation conducted 
by the 
HoldCo/Bank BRCs indicates 
overall 
satisfaction among 
its members 
regarding 
the 
Committee's leadership, 
participation, 
and the 
robustness 
of discussions. 
Members of 
the 
BRCs expressed 
satisfaction 

 
 
 
 
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with 
the 
Chairperson’s 
preparedness 
and 
ability 
to 
guide 
discussions. 
Additionally, 
members 
of 
the 
BRCs 
are 
also 
well-
prepared for 
meetings, ensuring meaningful participation 
in discussions. 
he evaluation also highlighted opportunities for further enhancement. In particular, enhancements in meeting materials were 
noted, scoring 4.80, 
yet further 
improvements 
were 
recommended in 
areas such 
as market 
risk reporting 
and non-financial 
risk oversight, particularly operational 
and cybersecurity risks. 
Strengthening 
oversight 
of 
subsidiaries 
was 
identified 
as 
a 
priority 
too, 
similarly 
to 
the 
Audit 
Committee. 
Members 
highlighted specific areas, such as 
credit, concentration, and merger 
-related risks in Cyprus. Sensitivity 
analyses on consumer 
lending profitability and the euro’s 
impact on the Bulgarian market were 
also recommended. Cybersecurity governance 
and 
operational 
resilience 
emerged 
as focus 
areas, with 
calls for 
annual deep-dive 
sessions and 
greater 
use of 
data analytics 
and stress testing 
to improve 
risk identification 
and mitigation. 
Coordination with 
the Audit 
Committee remained 
effective 
but saw a slight decline in its score, moving from 4.80 to 4.60. 
6.3.5
BRCs’ Activity in 2024 
For 2024, the 
BRCs have, amongst others: 
Eurobank Holdings 
●
Monitored the 
Group’s 
overall 
actual and 
future 
risk appetite 
and strategy, 
ensuring alignment 
with the 
business 
strategy, objectives, 
corporate culture, and values of the 
Group, while considering all types of risks. 
●
Approved various 
regulatory and risk-related reports, 
policies, and frameworks, 
including: 
o
Internal Capital & Liquidity Adequacy Assessment Processes 
(ICAAP/ILAAP) 
o
Capital Adequacy Statements (CAS) and Liquidity Adequacy Statements 
(LAS) 
o
Risk Identification and Materiality Process 
(RIMA) Report 
o
Group Recovery 
Plan 
●
Approved the 
Group Chief Risk Officer 
(GCRO) Annual Report. 
●
Approved 
the 
Group 
Risk 
and 
Capital 
Strategy, 
the 
Risk 
Appetite 
Framework 
(RAF), 
and 
the 
Risk 
Appetite 
Statements (RAS), including the RAS dashboard. 
Eurobank 
●
Monitored 
Eurobank’s 
overall 
actual 
and 
future 
risk 
appetite 
and 
strategy, 
ensuring 
that 
all 
types 
of 
risks 
were 
aligned with the institution’s 
business strategy, 
objectives, corporate 
culture, and values. 
●
Oversaw both qualitative 
and quantitative aspects of credit, market, 
liquidity, and operational 
risks. 
●
Reviewed 
Information 
and 
Communication 
Technology 
(ICT) 
Risk and 
Security, 
including Cyber 
Security, 
Physical 
Security, and Fraud 
Detection. 
●
Approved various 
regulatory and other 
reports, risk policies, and frameworks, 
including: 
o
Non-Performing Exposures 
(NPE) Targets 
submission for 2024-2026 and the 
NPE management strategy. 
o
Liquidity Report. 
o
Counterparty and Issuer Risk Report. 
o
Interest Rate Risk in the Banking Book 
/ Credit Spread Risk in the Banking Book. 
o
Market Risk Developments 
Report. 
o
Group Operational 
and Non-Financial Risk Report. 
o
Asset Quality Monthly and Quarterly Update. 
o
Impairment Results: Quarterly Update. 
o
New Disbursements Performance 
Report. 
o
Forbearance 
Report. 
o
Quarterly NPE & Securitizations Performance 
Update Report. 
o
Risk Appetite Dashboard. 
o
Bank’s Macro Hedging Strategy Updates. 
o
BCBS239 Project, including: 
-
Scope of Application and Inventory of Material 
Risk Reports. 
-
Definition of Compliance. 
-
Overarching 
Risk Reporting Framework. 
-
Risk Data Aggregation 
and Risk Reporting (RDARR) Validation 
Governance Arrangements. 
-
Initial Version of the 
RDARR Validation 
Framework. 
o
Large Groups and Hyper Groups 
– Degrouping Policy 
Amendments. 
o
Presentations of Large Groups, 
including METLEN, DEI, GEK, among others. 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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6
o
Leveraged 
Transactions Update 
& Dashboard. 
o
Corporate & Investment 
Banking (CIB) Industry Sectors Update. 
o
International Subsidiaries Monitoring, 
including key risk indicators, 
the BRC Chairman’s 
Annual Activity Report, 
and the approval of BRC Chairs 
appointed during 2024. 
●
BRC meetings where 
AC members were 
also invited, discussing and approving the following 
issues: 
o
Resolvability Progress Report. 
o
Group Chief Risk Officer 
Succession Plan. 
o
Notification for 
breach of Risk Appetite Statements (RAS) thresholds, 
specifically: 
-
Level 1 KRI: "Operational 
Risk Losses Ratio" (RAS 47). 
-
Level 2 KRI: "Conduct Risk Exposure" (RAS 51), "Regulatory Compliance 
Risk Exposure" (RAS 52). 
o
Hellenic Bank Risk Assurance Analysis. 
o
Minimum Requirement for 
Own Funds and Eligible Liabilities (MREL) Issuance Plan & Targets. 
o
Resolvability Self-Assessment Report. 
o
Environmental and Social Governance 
(ESG) Strategy. 
o
Key Climate Risk & Environmental 
(CR&E) Risk Monitoring Indicators & Pillar 3 Benchmarking. 
o
Fit-for-55 Climate Risk Stress Test 
Results. 
o
Anti-Money Laundering (AML) Validation 
– Onboarding and Transaction 
Monitoring (SIRON). 
o
Corporate Sustainability Reporting Directive 
(CSRD) Governance Gap Analysis Status 
Update. 
o
Double Materiality Impact – Overview. 
o
Discussion of the Digital Operational 
Resilience Act (DORA) Gap Assessment & Results. 
o
Semi-Annual Update by the Responsible BoD Member 
for Climate-Related and Environmental 
Risks. 
6.4
Remuneration Committee 
The 
HoldCo/Bank’s 
Boards 
have 
delegated 
to 
the 
respective 
RemCos 
the 
responsibilities 
(a) 
to 
provide 
specialized 
and 
independent advice for matters relating 
to remuneration 
policy and its implementation at HoldCo/Bank Group 
level and for 
the 
incentives 
created 
while 
managing 
risks, 
capital 
and 
liquidity, 
(b) 
to 
safeguard 
the 
proper 
exercise 
of 
its 
duties 
and 
responsibilities, 
the 
efficient 
alignment 
of 
the 
personnel’s 
remuneration 
with 
the 
risks 
the 
HoldCo/Bank 
undertakes 
and 
manages and the required alignment between 
the HoldCo/Bank and the Group, 
and (c) to approve or propose 
for approval 
all exposures of 
Key Management 
Personnel 
and their relatives 
(spouses, children, siblings). 
The Non-Executive 
Directors of 
HoldCo/Bank have the 
responsibility to approve 
and periodically review 
HoldCo/Bank’s remuneration 
policy and oversee 
its 
implementation both at 
Bank and Group level. 
The 
implementation 
of the 
HoldCo/Bank remuneration 
policy 
is in 
line with 
the 
provisions 
of Laws 
4261/2014 
and Bank 
of 
Greece Executive Committee’s 
Act 231/2024. 
The HoldCo/Bank RemCo is also responsible 
to: 
●
determine 
the 
remuneration 
system for 
the 
members 
of the 
Board 
of Directors 
and the 
senior 
executives 
and to 
make 
a 
relevant 
recommendation 
on 
them 
to 
the 
Board 
of 
Directors, 
which 
decides 
on 
them 
or 
to 
make 
recommendations to the 
General Meeting, where 
required, 
●
propose 
to 
the 
Non-Executive 
Directors 
of 
the 
HoldCo/Bank’s 
BoD 
for 
their 
approval 
the 
goals 
and 
objectives 
relevant 
to 
the 
HoldCo/Bank’s 
CEO 
remuneration 
and 
evaluate 
his/her 
performance 
in 
light 
of 
these 
goals 
and 
objectives, 
●
guide and monitor the external remuneration 
consultant (if hired) and ensure that it receives 
appropriate reporting 
from him/her. 
In addition, HoldCo/Bank RemCo ensures that the external consultant is referred 
in the HoldCo/Bank’s 
annual 
report 
of 
the 
year 
hired 
and/or 
completed 
his/her 
work, 
together 
with 
a 
statement 
of 
any 
possible 
relationship between him/her 
and the HoldCo/Bank or with members 
of the HoldCo/Bank’s Board individually. 
6.4.1
RemCos Membership/Composition 
The HoldCo/Bank RemCos consists of five 
(5) independent non-executive Directors. 
In 
the 
event 
that 
the 
Chairperson 
of 
the 
Bank’s 
Board 
is 
a 
member 
of 
the 
RemCos, 
she/he 
cannot 
participate 
in 
the 
determination of his/her 
remuneration. 
6
HoldCo/Bank RemCos’ Terms of Reference 
may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The HoldCo/Bank RemCos’ 
composition is outlined below: 
RemCo Chairperson: 
Cinzia Basile, 
Non-executive Independent Director of the 
Board
 
Members: 
Jawaid Mirza, 
Non-Executive Independent Director of the 
Board
 
Alice Gregoriadi,
 
Non-Executive Independent Director of the 
Board
 
Irene Rouvitha Panou, 
Non-Executive Independent Director of the 
Board
John Arthur Hollows, 
Non-Executive Independent Director of the 
Board
It 
is noted 
that 
during 
2024 
and following 
NomCos’ 
recommendations 
for 
the 
recomposition 
of 
the 
HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 30.05.2024, 
28.06.2024 and 23.07.2024: 
●
to appoint Ms. 
Irene Rouvitha Panou as new 
RemCos’ member in replacement of Mr. Geroge Chryssikos who 
decided 
not to pursue 
renewal of 
his term 
to the 
new HolDCo/Bank 
BoDs (that were 
appointed by the 
HoldCo/Bank AGMs 
of 23.07.2024) 
and Mr. John Arthus Holl 
ows as new RemCos’ member 
●
Following 
the 
decision 
of the 
discontinuation 
of Vice 
Chair’s 
role 
on the 
BoDs and 
certain 
committees (including 
HoldC/Bank 
RemCos) 
upon 
the 
conclusion 
of 
Mr. 
Georgios 
Chryssikos’ 
term, 
Mr. 
Jawaid 
Mirza 
(previous 
Vice-
Chairperson of 
HoldCo / 
Bank RemCos) 
to be 
appointed in 
RemCos as 
member. 
The 
Chair’s responsibilities 
to be 
assumed by the most senior 
independent non-executive directors present at meetings 
in the Chair’s absence. 
6.4.2
RemCos meetings 
HoldCo/Bank RemCos meet at least twice a year. 
6.4.3
Attendance to the RemCo meetings 
During 2024 the attendance details for 
the Remuneration 
Committees were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2024 
2023 
2024 
2023 
HoldCo 
11 
12 
100% 
97%
Bank 
11 
12 
100% 
98% 
It is noted that 
in 2024, representation 
proxies were 
provided for 
all missed meetings 
in HoldCo/Bank RemCos, 
leading the 
overall 
attendance rate (physical and under 
representation) at 100% in HoldCo/Bank 
RemCos. 
6.4.4
RemCo’s Performance 
Evaluation 
The 
2024 
self-evaluation 
conducted 
by 
RemCos’ 
members 
reflects 
overall 
satisfaction 
with 
the 
Committees’ 
leadership, 
preparedness, and agenda management. RemCos’ members demonstrate strong preparedness and active engagement and 
these attributes contribute significantly to the Committees’ ability to 
make informed decisions and provide meaningful input. 
The 
evaluation 
also 
highlighted 
opportunities 
for 
further 
enhancement. 
Members 
noted 
the 
need 
for 
improved 
material 
quality, timelier submissions, and deeper 
discussions on remuneration 
policies. The Committee’s skillset was also highlighted 
as an area 
for 
possible improvement, 
with recommendations 
to include 
more HR 
expertise to 
address complex 
challenges 
and better align the Committee's work with 
Eurobank’s strategic 
objectives. 
Talent 
retention emerged 
as a priority, 
with members 
suggesting less reliance 
on monetary rewards 
and greater 
emphasis 
on 
career 
development 
and 
linking 
incentives 
to 
growth. 
Additionally, 
strengthening 
governance 
at 
subsidiaries 
was 
recommended to ensure alignment with 
Group-level 
objectives. 
6.4.5
RemCos' Activity in 2024 
For 2024, RemCos’ 
have amongst others: 
Eurobank Holdings 
●
Proposed to the Board 
of Directors (BoD) for approval 
the revised RemCo Terms 
of Reference. 
●
Reviewed and proposed 
to the Non-Executive Directors 
for approval the 
Remuneration 
Policy of the HoldCo. 
●
Reviewed and proposed to the Board and the Annual General Meeting (AGM) for approval 
the Remuneration Policy 
for Directors. 
●
Reviewed and proposed to the 
Non-Executive Directors for approval 
the Group Annual Base Salary Framework 
and 
the Annual Base Salary Framework 
for Top 
Management Roles. 

 
 
 
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●
Reviewed and proposed to the 
Non-Executive Directors for approval 
the Variable 
Remuneration 
- Key Performance 
Indicators (KPIs) & Key Risk Indicators 
(KRIs) and the Group Variable 
Remuneration 
Pool. 
●
Reviewed and approved 
the Material Risk Takers’ 
List and the Remuneration 
Disclosures for 2023. 
●
Discussed the remuneration 
policy implementation at the 
Group level. 
●
Discussed the 
Remuneration 
Policy 
Review 
– Follow 
-up (for 
the 
years 
2022 and 
2023), conducted 
by 
the 
Internal 
Audit Group. 
●
Proposed to the 
Board and AGM 
for approval 
the Board 
and Board Committees’ 
Fees for 
Non-Executive Directors 
of the HoldCo (Actual Fees 
2023 & Estimated Fees 2024). 
●
Proposed to the Board 
and AGM for approval 
the Remuneration 
Report for the financial 
year 2023. 
●
Proposed to the Board 
and AGM for approval: 
o
The distribution of net profits 
to senior management and employees. 
o
Approvals in accordance 
with Article 86 of Law 4261/2014. 
●
Proposed to the 
Non-Executive Directors 
of the Bank 
for approval 
the CEO’s 
Performance 
Evaluation for 
2023 and 
the CEO’s Financial and Non-Financial Objectives for 
2024. 
●
Approved the 
Remuneration 
Disclosures for 2023. 
●
Reviewed and proposed 
to the Board for 
approval the Board 
and Board Committees’ Attendance Policy. 
●
Reviewed the 
implementation of the Board 
and Board Committees’ Attendance Policy. 
●
Depending on 
the 
case, approved 
or proposed 
to the 
Non-Executive 
Directors for 
approval 
various remuneration 
issues and borrowing requests. 
●
Received updates on: 
o
Initiatives supporting employees 
on the lowest salary levels. 
o
The annual pension component. 
o
The Benefits Policy. 
o
The Voluntary 
Exit Scheme effectiveness. 
●
Discussed the Top 
Management Remuneration 
Benchmarking Project. 
●
Discussed the Annual RemCo Plan for 
2025. 
Eurobank 
●
Proposed to the Board 
of Directors (BoD) for approval 
the revised RemCo Terms 
of Reference. 
●
Reviewed and proposed 
to the Non-Executive Directors 
for approval the 
Remuneration 
Policy of the Bank. 
●
Reviewed and proposed to the Non-Executive 
Directors for approval the 
Group Annual Base Salary Framework and 
the Annual Base Salary Framework 
for Top 
Management Roles. 
●
Reviewed and proposed to the 
Non-Executive Directors for approval 
the Variable 
Remuneration - Key 
Performance 
Indicators (KPIs) & Key Risk Indicators 
(KRIs) and the Group Variable 
Remuneration 
Pool. 
●
Reviewed and approved 
the Material Risk Takers’ 
List and the Remuneration 
Disclosures for 2023. 
●
Discussed the remuneration 
policy implementation at both 
the Bank and Group levels. 
●
Discussed the 
Remuneration 
Policy 
Review 
– Follow 
-up (for 
the 
years 
2022 and 
2023), conducted 
by the 
Internal 
Audit Group. 
●
Proposed to the Board and Annual General Meeting (AGM) for approval 
the Board and Board Committees’ Fees for 
Non-Executive Directors of the 
Bank (Actual Fees 2023 & Estimated Fees 
2024). 
●
Proposed to the Board 
and AGM for approval: 
o
The distribution of net profits 
to senior management and employees. 
o
Approvals in accordance 
with Article 86 of Law 4261/2014. 
●
Proposed to the 
Non-Executive Directors 
of the Bank 
for approval 
the CEO’s Performance 
Evaluation for 
2023 and 
the CEO’s Financial and Non-Financial Objectives for 
2024. 
●
Reviewed the 
implementation of the Board 
and Board Committees’ Attendance Policy. 
●
Discussed and 
further 
submitted to 
the Board 
for 
information 
the implementation 
of the 
Group Subsidiary 
Board 
Remuneration 
Policy across the 
Group during 2023. 
●
Depending on 
the 
case, approved 
or proposed 
to the 
Non-Executive Directors 
for 
approval 
various remuneration 
issues 
related 
to 
international 
subsidiaries, 
including 
the 
remuneration 
framework, 
performance-related 
variable 
remuneration, 
and remuneration 
increases. 
●
Depending on 
the 
case, approved 
or proposed 
to the 
Non-Executive Directors 
for 
approval 
various remuneration 
issues and borrowing requests. 
●
Received and reviewed 
the annual updates from the 
RemCo Chairpersons of the Group’s 
banking subsidiaries. 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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7
●
Approved the 
appointment of a new RemCo Chairperson in the 
Group’s banking subsidiaries. 
●
Received updates on: 
o
Initiatives supporting employees 
on the lowest salary levels. 
o
The annual pension component. 
o
The Benefits Policy. 
o
The Voluntary 
Exit Scheme effectiveness. 
●
Discussed the Top 
Management Remuneration 
Benchmarking Project. 
●
Discussed the Annual RemCo Plan for 
2025. 
6.5
Nomination and Corporate Governance 
Committee 
Eurobank 
Holdings 
and the 
Bank’s Boards 
have 
delegated 
to the 
NomCos the 
responsibilities 
(a) 
to lead 
the 
process 
for 
Board and 
Board Committees 
appointments, including 
the 
identification, 
nomination 
and recommendation 
of candidates 
for appointment 
to the Board, 
(b) to consider matters 
related to the 
Board’s adequacy, 
efficiency and effectiveness 
and (c) 
review 
the 
Group’s 
corporate 
governance 
policies, 
procedures 
and 
arrangements. 
The 
Committees 
were 
renamed 
Nomination and Corporate Governance 
Committees in order to accurately 
reflect their expanded purpose. 
The NomCo, in carrying 
out its duties, is accountable to the Board. 
In particular, among others, 
the NomCo is responsible: 
●
at least 
annually and 
in accordance 
with Board 
and Board 
Committees Evaluation 
Policy, 
to assess 
the structure, 
size, composition and performance 
of the BoD and make recommendations 
to the BoD with regard 
to the need for 
its renewal and/or any other 
changes it considers appropriate, 
●
at least annually and in accordance with Board 
and Board Committees Evaluation Policy, 
to assess the knowledge, 
skills, experience and contribution of individual Board members 
and of the Board collectively and report 
to the BoD 
accordingly, 
●
in 
the 
context 
of 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
implementation, 
to 
determine 
the 
evaluation 
parameters 
based 
on 
best 
practices 
and 
ensure 
the 
effectiveness 
of 
the 
evaluation 
of 
the 
Board, 
the 
individual 
evaluation 
of 
Non-Executive 
Directors, 
including 
the 
Chair, 
the 
succession 
plan 
of 
the 
Chief 
Executive 
and 
the 
members 
of the 
Board, the 
targeted composition 
of the 
Board 
of Directors 
in relation 
to the 
strategy 
and Board 
Nomination Policy, 
●
to play a leading role in the nomination process and the design of the succession plan for the members of the Board 
and senior management, 
●
to review at least once every 
two years and recommend 
for the 
approval of the BoD the 
BoD Nomination Policy, 
●
to ensure that the nomination process, as this is defined in 
the BoD Nomination Policy, is clearly defined and applied 
in a transparent manner 
and in a way that ensures its effectiveness, 
●
to 
ensure 
that 
there 
is 
adequate, 
step-wise 
succession 
planning 
for 
Board 
members 
so 
as 
to 
maintain 
an 
appropriate 
level of 
continuity and organizational 
memory at 
Board level, 
especially when 
dealing with 
sudden or 
unexpected absences or departures of Board 
members, 
●
to monitor 
the 
Board succession 
planning in 
order 
to ensure 
the 
smooth succession 
of the 
members 
of the 
Board 
with their gradual 
replacement in order 
to avoid the lack of management, 
●
to ensure that 
the succession 
framework 
takes into account 
the findings 
of the 
evaluation of 
the Board 
in order 
to 
achieve the 
necessary changes 
in composition 
or skills and 
to maximise the 
effectiveness 
and collective 
suitability 
of the Board, 
●
to review at least annually 
and always before the initiation of the CEO 
succession process the qualifications required 
for 
the 
position of 
the 
CEO, to 
ensure 
that there 
is a 
viable pool 
of internal 
and external 
candidates 
and also 
to 
ensure that 
the CEO 
is involved 
in all the 
areas of CEO 
Succession Plan, 
including the 
assessment of 
the nominees 
for his/her position, 
as he deems appropriate, 
●
to ensure that the CEO is involved in the succession planning process of the senior executives 
at the level of the CEO 
minus one, including the assessment of nominees for 
the said positions. 
As far as 
NomCos of subsidiaries 
are concerned, neither the HoldCo NomCo nor 
the Eurobank NomCo replace them. However, 
the 
Eurobank 
NomCo has 
the 
overall 
responsibility to 
oversee 
that the 
NomCos of 
subsidiaries comply 
with its 
standards, 
modus operandi and governance 
framework. 
7
HoldCo/Bank NomCos’ Terms of Reference 
may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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GOVERNANCE STATEMENT 
 
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6.5.1
NomCo Membership/Composition 
The NomCo consists of 
five (5) non-executive Directors, four (4) 
of whom are 
independent Directors, including 
the Chairperson 
who may not serve as the 
Chairperson of the Remuneration 
Committee. 
The NomCo composition is outlined below: 
NomCo Chairperson: 
Irene Rouvitha Panou, 
Non-Executive Independent Director of the 
Board
 
Members: 
George Zanias,
 
Non-Executive Director of the 
Board
Jawaid Mirza, 
Non-Executive Independent Director of the 
Board
Rajeev Kakar, 
Non-Executive Independent Director of the 
Board
Burkhard Eckes, 
Non-Executive Independent Director of the 
Board
It 
is noted 
that 
during 
2024 
and following 
NomCos’ 
recommendations 
for 
the 
recomposition 
of 
the 
HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 30.05.2024, 
28.06.2024 and 
23.07.2024: 
●
to appoint Mr. 
George Zanias as new 
NomCos’ member, 
in replacement 
of of Mr. 
Geroge Chryssikos 
who decided 
not to pursue 
renewal of 
his term 
to the 
new HolDCo/Bank 
BoDs (that were 
appointed by the 
HoldCo/Bank AGMs 
of 23.07.2024). 
●
Following 
the 
decision 
of the 
discontinuation 
of Vice 
Chair’s 
role 
on the 
BoDs and 
certain 
committees (including 
HoldC/Bank 
NomCos) 
upon 
the 
conclusion 
of 
Mr. 
Georgios 
Chryssikos’ 
term, 
Mr. 
Jawaid 
Mirza 
(previous 
Vice-
Chairperson of 
HoldCo / 
Bank NomCoCos) 
to be 
appointed in 
NomCos as member. 
The 
Chair’s responsibilities 
to 
be assumed by the most senior 
iNED present at meetings in the Chair’s absence. 
6.5.2
NomCo Meetings 
NomCo meets at least twice a year. 
6.5.3
Attendance to the NomCo meetings 
During 2024 the attendance details for 
the NomCo were 
as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2024 
2023 
2024 
2023 
HoldCo 
10 
11 
98% 
100% 
Bank 
10 
11 
98% 
100% 
Directors’ individual attendance rates 
at the NomCo meetings in 2024 were 
the following: 
Name 
Eurobank 
Holdings 
NomCo 
Eurobank NomCo 
Eligible 
to 
attend 
Attended in 
person 
(# and %) 
Eligible 
to 
attend 
Attended in 
person 
(# and %) 
Irene Rouvitha Panou, NomCo 
Chairperson
10 
10 
100% 
10 
10 
100% 
Geroge Zanias, NomCo member 
since 23.07.2024 
4 
4 
100% 
4 
4 
100% 
Jawaid 
Mirza, 
NomCo 
Vice-Chairperson 
until 
23.07.2024 
and 
NomCo member since 23.07.2024 
10 
9 
90% 
10 
9 
90% 
Rajeev Kakar 
10 
10 
100% 
10 
10 
100% 
Burkhard Eckes, NomCo member 
since 23.07.2024 
4 
4 
100% 
4 
4 
100% 
Bradley Paul L. Martin, NomCo member 
until 23.07.2024 
6 
6 
100% 
6 
6 
100% 
It 
is 
noted 
that 
in 
2024, 
Mr. 
Jawaid 
Mirza 
provided 
representation 
proxies 
for 
their 
missed 
meetings 
in 
HoldCo/Bank’s 
NomCos, leading their overall 
attendance rate (physical 
and under representation) 
at 100% in HoldCo/Bank’s NomCos. 
6.5.4
NomCos’ Performance 
Evaluation 
The 
2024 
self-evaluation 
conducted 
by 
the 
NomCos 
indicates 
overall 
satisfaction 
among 
its 
members 
regarding 
the 
Committees’ 
structured 
approach, 
thorough 
discussions, 
and 
balanced 
composition. 
NomCos’ 
members 
believe 
that 
the 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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GOVERNANCE STATEMENT 
 
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Committees foster 
a collaborative 
and inclusive 
environment, 
enabling high 
levels 
of participation 
and open 
expression of 
views. The Chairperson 
of NomCos is reported to be commendable for 
her dedication and effective 
guidance. 
The 
evaluation 
also 
highlighted 
opportunities 
for 
further 
enhancement. 
Areas 
requiring 
ongoing 
focus 
included 
senior 
executive 
succession 
planning 
and 
talent 
retention. 
The 
Committee 
emphasized 
maintaining 
leadership 
continuity 
and 
resilience across 
the Group. 
Enhancing diversity also 
remains a central 
effort 
at both the 
Board and the 
Management level, 
with a focus on attracting 
candidates with diverse 
backgrounds, experiences, 
and perspectives. 
6.5.5
NomCos’ Activity in 2024 
For 2024, NomCos have 
amongst others: 
Eurobank Holdings 
●
Proposed to the Board 
of Directors (BoD) for approval 
the revised NomCo Terms 
of Reference. 
●
Reviewed the 
Board and Board Committees' 2023 self-evaluation and the Board’s overall 
effectiveness assessment 
for 
further 
update to 
the Board. 
Additionally, 
reviewed 
and acknowledged 
the Action 
Plan for 
the BoD 
Evaluation 
2023. 
●
Discussed and proposed to the Board for 
approval the new 
composition of the Board Committees and other 
Board 
and Board Committees’ matters. 
●
In view of 
the BoD’s tenure 
renewal in 2024, 
reviewed 
the nomination 
process and 
proposed to 
the Board 
and the 
AGM for approval 
the new BoD and AC members. 
●
Reviewed and proposed 
to the Board for 
approval various governance 
and nomination policies, including: 
o
CEO Succession Planning Policy. 
o
Board of Directors Diversity 
Policy. 
o
Key Function Holders 
Selection and Appointment Policy. 
o
Group Governance 
Policy. 
o
External Engagements Policy. 
o
Board and Board Committees Evaluation Policy. 
o
C-Level Succession Planning Policy. 
o
Senior Management Selection and Appointment 
Policy. 
o
Board Nomination Policy 
(also proposed to the BoD and AGM 
for approval). 
●
Received an update on the 
HoldCo Group Organizational 
Chart. 
●
Proposed to the Board 
for approval 
the Internal Governance 
Control Manual. 
●
Reviewed 
and 
proposed 
to 
the 
Audit 
Committee 
and 
the 
Board 
for 
approval 
the 
2023 
Corporate 
Governance 
Statement. 
●
Received quarterly updates on governance 
-related audit issues. 
●
Discussed various governance 
-related issues, including: 
o
Overview of key 
ESG rating agencies (with a focus 
on the "G" element). 
o
Compliance Risk Assessment (CRA) related 
to the Corporate Governance 
Framework. 
o
Review of the Group's 
Internal Governance 
Framework. 
●
Reviewed, discussed, and approved 
(depending on the case) various succession 
planning issues, including: 
o
CEO Succession Plan. 
o
C-Level Succession Planning. 
o
Succession planning for the 
Group CRO. 
●
Approved external 
engagements for Board 
members. 
●
Reviewed the 
independence of the Independent Non-Executive 
Directors. 
●
Reviewed the 
attendance of Directors at the 
Board and Board Committees. 
●
Discussed the NomCo Annual Plan for 
2025. 
Eurobank 
●
Proposed to the Board 
of Directors (BoD) for approval 
the revised NomCo Terms 
of Reference. 
●
Reviewed the 
Board and Board Committees' 2023 self-evaluation and the Board’s overall 
effectiveness assessment 
for 
further 
update to 
the Board. 
Additionally, 
reviewed 
and acknowledged 
the Action 
Plan for 
the BoD 
Evaluation 
2023. 
●
Discussed and proposed to the Board for 
approval the new 
composition of the Board Committees and other 
Board 
and Board Committees’ matters. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / CORPORATE 
GOVERNANCE STATEMENT 
 
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●
In view of 
the BoD’s tenure 
renewal in 2024, 
reviewed 
the nomination 
process and 
proposed to 
the Board 
and the 
AGM for approval 
the new BoD and AC members. 
●
Reviewed and proposed 
to the Board for 
approval various governance 
and nomination policies, including: 
o
CEO Succession Planning Policy. 
o
Board of Directors Diversity 
Policy. 
o
Key Function Holders 
Selection and Appointment Policy. 
o
Group Governance 
Policy. 
o
External Engagements Policy. 
o
Board and Board Committees Evaluation Policy. 
o
C-Level Succession Planning Policy. 
o
Senior Management Selection and Appointment 
Policy. 
o
Board Nomination Policy. 
●
Reviewed and proposed 
to the BoD for approval 
top management changes (General Manager 
level and above). 
●
Was 
informed 
about the 
organizational 
chart of 
Eurobank 
and the 
organizational 
changes of 
a functional 
nature 
approved by the 
CEO during the past year. 
●
Proposed to the Board 
for approval 
the Internal Governance 
Control Manual. 
●
Received quarterly updates on governance 
-related issues. 
●
Discussed various governance 
-related issues, including: 
o
Overview of key 
ESG rating agencies (with a focus 
on the "G" element). 
o
Compliance Risk Assessment (CRA) related 
to the Corporate Governance 
Framework. 
o
Review of the Group's 
Internal Governance 
Framework. 
o
Annual implementation report of the 
Group Governance 
Policy by Eurobank’s 
banking subsidiaries. 
●
Discussed and/or 
approved 
various issues 
regarding significant 
subsidiaries, including 
the 
selection of 
candidates 
as Board members of the 
Group’s significant subsidiaries. 
●
Received and reviewed 
the annual updates from the 
NomCo Chairpersons of the Group’s 
banking subsidiaries. 
●
Reviewed, discussed, and approved 
(depending on the case) various succession 
planning issues, including: 
o
CEO Succession Plan. 
o
C-Level Succession Planning. 
o
Succession planning for the 
Group CRO. 
●
Approved external 
engagements for Board members 
and General Managers/Executive 
Board (ExBo) members who 
are not Board members. 
●
Approved promotions 
to the Eurobank 
hierarchical 
level of General 
Manager. 
●
Reviewed the 
independence of the Independent Non-Executive 
Directors. 
●
Reviewed the 
attendance of Directors at the 
Board and its Committees. 
●
Discussed talent development and mobilization 
practices within Eurobank. 
●
Discussed the NomCo Annual Plan for 
2025. 
6.5.6
Board of Directors Diversity 
As of 31.12.2024, the representation of the female gender on the Board 
complied with the provisions of Greek Law, as outlined 
in the HoldCo/Bank Board Diversity Policy (please refer to 
the relevant section in this 
Statement), which mandates a 
minimum 
25% representation. 
In cases 
where 
the result 
includes a fraction, 
the percentage 
is rounded 
down to 
the 
previous 
integer. 
This 
confirms 
that 
the 
HoldCo/Bank 
is 
successfully 
meeting 
its 
diversity 
objectives, 
particularly 
regarding 
gender 
representation on the 
Board. 
6.5.7
Senior Management Diversity 
The Bank/HoldCo 
has taken significant steps 
to enhance gender diversity 
and support career 
growth for 
women executives, 
creating a pipeline of eligible female professionals 
for the Executive 
Committee and Board. 
A key initiative is the annual C-Level Succession Planning exercise, 
which aims to improve the underrepresented 
gender ratio 
in 
the 
successors’ 
pool. 
In 
the 
2024 
succession 
planning 
exercise, 
29% 
of 
the 
total 
successors’ 
pool 
were 
women, 
demonstrating a strong commitment 
to gender diversity at senior levels. 
Additionally, 
the Bank 
actively participates 
in initiatives 
such as 
"The 
Boardroom" 
in Greece, 
which supports 
senior female 
leaders 
aspiring 
to 
become 
Board 
members 
in 
major 
organizations. 
By 
sponsoring 
such 
initiatives, 
the 
Bank 
encourages 
employees and clients to pursue leadership roles. 

 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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8
The Bank 
has also launched 
the third 
season of the 
Women 
in Banking (WiB) 
programme, 
following 
the successful 
previous 
seasons. 
WiB 
is 
a 
talent 
programme 
designed 
to 
empower 
women 
within 
Eurobank, 
helping 
them 
advance 
to 
higher 
leadership 
roles, 
drive 
transformative 
change, 
and advocate 
for 
an inclusive 
work 
environment. 
The 
collaboration 
among 
participants from the 
first, second, and third seasons, with 
200 mentors and mentees, has created 
a strong WiB Community 
within Eurobank. 
The 
Bank’s 
Human 
Resources 
unit 
continues 
to 
explore 
additional 
measures 
to 
enhance 
diversity 
at 
senior 
management 
levels within the 
Bank/HoldCo. In 2024, Eurobank 
introduced: 
●
C-1 
succession 
planning, 
complementing 
C-Level 
succession 
planning, 
focusing 
on key 
roles 
reporting 
to General 
Managers and BU Management teams, while also emphasizing gender diversity. 
●
As 
part 
of 
its 
ESG 
Strategy, 
a 
DE&I 
awareness 
training 
programme 
for 
all 
managers 
in 
the 
Bank 
to 
reinforce 
inclusivity. 
6.6
Board Digital & Transformation 
Committee 
The 
Bank’s Board 
Digital & 
Transformation 
Committee (BDTC) 
is a 
consultative 
body that 
reviews 
proposals 
and gives 
its 
strategic advice and guidance on 
such proposals related to 
the Group’s digital, innovation, transformation and cybersecurity, 
in 
order 
to 
contribute 
in 
achieving 
the 
vision 
and 
strategic 
goals 
of 
the 
Bank. 
The 
BDTC, 
in 
carrying 
out 
its 
duties, 
is 
accountable to the Bank Board. 
6.6.1
BDTC Membership / Chairmanship 
The BDTC consists of five (5) Directors of whom one 
(1) executive and (4) independent 
non-executives. 
The BDTC composition 
is outlined below: 
BDTC Chairperson: 
Alice Gregoriadi, 
Non-Executive Independent Director of the 
Board
Members: 
Cinzia Basile,
 
Non-Executive Independent Director of the 
Board
John Arthur Hollows, 
Non-Executive Independent Director of the 
Board
Evangelos Kotsovinos, 
Non-Executive Independent Director of the 
Board
Stavros Ioannou, 
Executive Director of the 
Board
It 
is 
noted 
that 
during 
2024 
and 
following 
Bank 
NomCo’s 
recommendations 
for 
the 
recomposition 
of 
the 
Bank’s 
BoD 
Committees, 
the 
Bank’s BoD 
decided 
on 30.05.2024, 
28.06.2024 and 
23.07.2024 
a) to 
appoint Ms. 
Cinzia 
Basile as 
new 
BDTC’s member, 
in replacement 
of Mr. 
Jawaid Mirza (previous 
BDTC’s 
member), b) 
to appoint Mr. 
Evangelos Kotsovinos 
as 
new BDTC’s 
member, 
in replacement 
of Rajeev 
Kakar (previous 
BDTC’s 
Vice Chairperson) 
and c) the 
Vice Chair’s 
role 
to be 
discontinued on the BoD and certain committees (including BDTC) 
upon the conclusion of Mr. Georgios 
Chryssikos’ term and 
The Chair’s responsibilities to be assumed by the 
most senior independent non-executive director present at meetings in the 
Chair’s absence. 
6.6.2
BDTC Meetings 
BDTC meets at least twice 
a year and as each time required, also considering that 
the annually held Strategy 
Away Day is a 
forum 
in 
which 
relevant 
digital 
and 
transformation 
strategic 
matters 
are 
also 
discussed, 
while 
minutes 
are 
kept 
for 
all 
meetings. 
6.6.3
BDTC Attendance Rate 
During 
2024, 
BDTC 
held 
four 
(4) 
meetings 
and 
the 
ratio 
of 
attendance 
was 
100% 
(vs. 
three 
(3) 
meetings 
with 
ratio 
of 
attendance was 94% in 2023). 
8
Bank BDTC Terms 
of Reference may be found at the Bank websites (
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The Directors’ 
individual attendance rates at the 
BDTC meetings in 2023 
were the 
following: 
Name 
Eurobank ‘s BDTC 
Eligible to 
attend 
Attended in 
person 
(# and %) 
Alice Gregoriadi, 
BDTC Chairperson
4 
4
100% 
 
John Arthur Hollows, 
BDTC member
4 
4 
100% 
Cinzia Basile, 
BDTC member 
since 23.07.2024
1 
1 
100% 
Evangelos 
Kotsovinos,
 
BDTC 
member 
since 
23.07.2024 
1 
1 
100% 
Stavros Ioannou, 
BDTC member
4 
4 
100% 
 
Rajeev 
Kakar, 
BDTC 
Vice 
Chairperson 
until 
23.07.2024
3 
3 
100% 
 
Jawaid Mirza
 
BDTC member 
until 23.07.2024
3 
3 
100% 
6.6.4
BDTC Performance 
Evaluation 
The 
2024 evaluation 
of the 
BDTC 
highlights opportunities 
to enhance 
its effectiveness. 
While the 
Committee has provided 
valuable 
insights, 
feedback 
suggests 
a 
need 
for 
more 
outcome-driven 
discussions 
and 
a 
stronger 
focus 
on 
high-impact 
initiatives. 
Non-committee 
members 
emphasized 
the 
importance 
of 
fostering 
dynamic 
exchanges 
on 
emerging 
digital 
opportunities, while some Committee members noted areas 
for improvement in strategic focus, 
leadership engagement, and 
meeting structures, particularly regarding 
major projects. 
To strengthen 
its impact, aligning the 
Committee’s activities more 
closely with Eurobank’s 
digital transformation 
objectives 
is essential, 
supported by 
a phased 
strategy 
and clear 
deliverables. 
Members highlighted 
the 
importance of 
leveraging 
AI 
and data 
to drive 
innovation, 
enhance efficiency, 
and improve 
customer experience 
while ensuring robust 
governance 
and 
ethical AI use. Structural refinements, including more focused discussions and streamlined agendas, were also recommended 
to enhance the Committee’s 
effectiveness. 
6.6.5
BDTC’s Activity in 2024 
In 2024, 
the BDTC 
proposed its 
Terms 
of Reference 
(ToR) 
for 
BoD approval. 
Throughout 
the year, 
the Committee 
reviewed 
updates on the Eurobank 
Transformation 
and the Digital Key Performance 
Indicators (KPIs) Dashboard. 
Additionally, 
the 
Committee 
examined 
the 
status 
of 
Generative 
AI, 
the 
Core 
Banking 
System 
in 
Eurobank, 
and 
new 
collaboration 
and 
communication 
tools. 
It 
was 
also 
updated 
on 
International 
Technology 
/ 
Digital 
Initiatives 
in 
new 
geographies, 
toured 
Eurobank’s 
new 
premises 
in 
Nea 
Ionia 
(Campus 
Project), 
and 
noted 
progress 
on 
innovation 
and 
customer experience 
initiatives. 
7
Management Committees 
As there is neither a regulatory requirement 
nor a business necessity, the CEO has not established committees at the HoldCo 
level. 
At the Bank level, however, 
the CEO establishes committees as needed to 
assist in fulfilling his duties 
and responsibilities. The 
most 
significant 
committees 
include 
the 
Executive 
Board, 
the 
Strategic 
Planning 
Committee, 
the 
Management 
Risk 
Committee, the Group Asset and Liability Committee, the Central Credit Committees (I & II), the Troubled 
Assets Committee, 
the Products and Services 
Committee (PSC), and the Environmental, 
Social & Governance 
(ESG) Management Committee. 
7.1
Management Committees’ Policy 
The 
Bank 
has 
implemented 
the 
Management 
Committees’ 
Policy, 
which 
defines 
the 
framework 
and 
general 
principles 
governing 
the 
establishment, 
dissolution, 
and 
operation 
of 
a 
Management 
Committee 
(MCo). 
This 
policy 
aligns 
with 
international 
corporate 
governance 
best practices 
and regulatory 
requirements, 
where 
applicable. 
It 
also establishes 
the 
minimum requirements for 
each MCo’s Terms 
of Reference (ToR). 
According to the Management Committees’ 
Policy: 
●
The 
establishment 
of 
each 
MCo 
is 
formally 
announced 
through 
a 
Management 
Act, 
which 
clearly 
defines 
the 
purpose, composition, 
and Chairperson 
of the 
Committee. This 
Management Act 
is signed 
by the 
CEO and, where 
applicable, by the responsible 
Deputy CEO or General Manager. 
●
The 
MCo’s 
ToR 
are 
approved 
by 
the 
CEO 
and 
define, 
among 
other 
aspects, 
the 
modus 
operandi, 
including 
the 
frequency 
of 
meetings, 
quorum 
requirements, 
and 
decision-making 
process. 
The 
ToR 
are 
reviewed 
regularly 
and 
revised as needed, with any updates also re 
quiring the CEO’s approval. 

 
 
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●
Individuals who 
are not 
MCo members 
or the 
MCo Secretary—such 
as Board 
members, 
Bank or 
Group subsidiary 
officers, or external auditors/consultants—may be invited to attend all 
or part of an 
MCo meeting, depending on the 
topics under discussion. These individuals do not have voting rights, and their attendance is determined by the MCo 
Chairperson. 
●
The 
MCo 
Secretary, 
appointed 
when 
the 
MCo 
is 
established 
and 
stated 
in 
the 
Management 
Act, 
supports 
the 
Chairperson in ensuring 
the effective 
operation 
of the 
MCo. The 
Secretary’s responsibilities 
include maintaining an 
annual 
meeting 
calendar, 
coordinating 
logistics, 
recording 
attendance, 
ensuring 
quorum 
requirements 
are 
met, 
documenting meeting minutes and resolutions, and issuing extracts of decisions. Additionally, 
the Secretary notifies 
responsible managers about relevant discussions 
or actions required. 
●
Each MCo 
is required 
to define 
evaluation 
criteria based 
on its 
ToR 
and to 
assess its 
performance 
annually. 
If the 
Chairperson 
identifies 
concerns 
related 
to 
the 
scope 
or 
functioning 
of 
the 
MCo, 
an 
earlier 
evaluation 
may 
be 
conducted. 
●
The CEO 
has the discretion 
to dissolve 
an MCo at any 
time, with 
the dissolution 
formally communicated 
through a 
Management Act. 
7.2
Executive Board (ExBo) 
7.2.1
CVs of ExBo members (other 
than BoD members) 
The composition of the Executive Board (ExBo), excluding the Executive Members of the Board of Directors who are also ExBo 
members, is summarized 
below. 
The CVs 
of Mr. 
F. 
Karavias (CEO), 
Mr. S. Ioannou 
(Deputy CEO), and Mr. 
K. Vassiliou 
(Deputy 
CEO) are presented in 
the Board of Directors section. Short 
biographical details of the remaining ExBo 
members are provided 
below. 
Christos Adam-General Manager, 
Group Risk Management, Group 
Chief Risk Officer (Group 
CRO) 
-
Year of birth: 1958 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 287,792 
Mr. 
Adam has 
been 
Group 
CRO 
since 
November 
2013 
and he 
has 
served 
within 
the 
Eurobank 
Group 
as Deputy 
General 
Manager 
(2005-2013), 
Head 
of 
Group 
Credit 
Control 
Sector 
(1998-2013) 
and 
Senior 
Account 
Officer 
& 
Senior 
Manager, 
Corporate Division (1990-1997). In the 
past Mr. Adam worked 
in ANZ Grindlays Greek Branch, he had the position of Account 
Manager in the Corporate 
Division. 
He 
holds 
an 
MBA 
in 
Finance 
from 
the 
University 
of 
Michigan, 
Ann 
Arbor, 
USA, 
with 
full 
scholarship 
from 
the 
Fulbright 
Foundation and a Degree 
in Economics with Honors from the School 
of Economics & Political Sciences, University 
of Athens. 
Thanasis Athanasopoulos-General 
Manager Group Compliance, Group 
Chief Compliance Officer 
-
Year of birth: 1973 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 313,087 
In the 
past, Mr. 
Athanasopoulos has served 
as Chief Audit 
Executive of 
the Alpha 
Bank Group 
and Vice 
President - 
Audit & 
Risk Review of the Mellon Financial Corporation. 
He 
holds 
a BSc, 
Business Administration 
from 
the 
Athens 
University 
of Economics 
and 
Business, 
a MSc, 
Banking from 
the 
University of Reading, a 
MSc, Economic History 
from the London School of 
Economics and he is 
certified as a Fellow Chartered 
Accountant of ICAEW, 
as a Fellow of the 
International Compliance Association 
and a Certified Director (IDP) by INSEAD. 
Iakovos Giannaklis-Deputy 
Chief Executive Officer, 
Head of Retail & Digital Banking of Eurobank 
SA 
-
Year of birth: 1971 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 217,592 
He is also 
the Vice-Chairman in the Board of Directors of 
Worldline Merchant Acquiring Greece S.A. In the past, Mr. Giannaklis 
held 
BoD 
positions 
in 
the 
following 
entities 
of Eurobank 
Group: 
Eurobank 
FPS 
Loans 
and Credits 
Claim 
Management 
SA 
(2018-2019), 
Eurobank 
Household 
Lending 
Services 
SA 
(2016-2018), 
Eurobank 
Asset 
Management 
MFMC 
(2014-2017) 
and 
Eurobank Business Services (2009-2017). He 
also held the following posts 
in Eurobank: Head of 
Retail Banking General Division 
(2016-2023), 
Head 
of 
Branch 
Network 
General 
Division 
(2014-2016), 
Head 
of 
Branch 
Network 
Commercial 
Development 
Sector (2014), and Head of Branch Network Sector (2009-2014). 
He has also been 
a member 
of the 
BoDs of Eurolife 
FFH Group 
Holdings, General 
Insurance and 
Life Insurance 
(2021-2023). 
Mr Giannaklis also 
served as Group Deputy General Manager, Retail and 
Digital, Growth and Transformation in Bank Muscat, 
Oman (2023) 

 
 
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He holds 
an MBA from 
the 
University of 
Indianapolis, USA 
and a BA 
in Business 
Administration, 
from the 
City University 
of 
Seattle, USA. 
Tasos Ioannidis-General 
Manager Markets, 
Eurobank SA 
-
Year of birth: 1968 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 311,015 
In the 
past Mr. 
Ioannidis has 
served 
as General 
Manager, 
Head of 
Markets 
& Asset 
Management (July 
2019 - 
June 2024), 
General 
Manager, 
Head of 
Global 
Markets 
& Treasury 
(April 2015 
- July 
2019), Deputy 
General 
Manager, 
Head of 
Global 
Markets 
& Treasury 
(October 
2013 - 
March 2015), 
Deputy General 
Manager, 
Group 
Treasurer 
(April 2009 
- October 
2013), 
Deputy General 
Manager, 
Group Head 
of Trading 
(March 2007 
- April 
2009). 
He has also 
served 
Member of 
the BoD, 
ERB 
Hellas PLC (August 2006 - June 2022), Member of the BoD, ERB Hellas Ltd (Cayman Islands) (August 2006 
- December 2022), 
as Member 
of the 
BoD, Eurobank 
Asset Management 
MFMC (May 2015 
- September 
2017), Chairman of 
the BoD, 
Eurobank 
ERB MFMC, 
former 
TT ELTA 
MFMC (February 
2014 - 
September 
2015), Member 
of the 
BoD, Global 
Asset Management 
SA 
(June 2006 - December 2009), and Member 
of the BoD, Portfolio 
Investment SA (June 2002 - April 2003). 
He holds 
a MSc 
in Shipping, 
Trade 
and Finance 
from 
Cass Business 
School, 
London, UK 
and a 
BSc, 
School 
of Mechanical 
Engineering from the 
National Technical 
University of Athens. 
Apostolos Kazakos-General 
Manager, Group 
Strategy, 
Eurobank SA 
-
Year of birth: 1972 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 269,681 
Mr. 
Kazakos has 
also served 
as CEO of 
Eurobank Telesis 
Finance,Deputy CEO 
of Eurobank 
Equities, the 
investment banking 
and brokerage 
arm of 
Eurobank 
Group 
(May 2010 
– August 
2013), Assistant 
General 
Manager, 
Head of 
Group 
Strategy 
& 
Investment Relations, 
National Bank 
of Greece 
(August 2014 – 
March 2015), 
General 
Manager and Head 
of the 
Investment 
Banking, 
Restructuring 
& Capital 
Investment 
Division, 
General 
Bank, Piraeus 
Group 
(September 
2013 
– 
July 
2014), Senior 
Executive and eventually 
Head of the Investment 
Banking Division, 
Eurobank Equities 
and Telesis 
Bank (January 1998 – May 
2010). 
He holds an MSc in International Securities, Investment and Banking, International Securities Market Association (ISMA) from 
the 
University 
of 
Reading, 
UK 
and 
a 
Degree 
in 
Accounting, 
Faculty 
of 
Administration 
& 
Finance 
from 
the 
International 
University of Greece. 
Harris Kokologiannis 
-General Manager, 
Group Finance, Group 
Chief Financial Officer (Group 
CFO), Eurobank SA 
-
Year of birth: 1967 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings: 287,215 
Mr. Kokologiannis 
joined Eurobank 
in January 2008 
as Head of Group 
Finance and Control 
until his appointment 
as Group 
CFO in July 2013. 
He has 
served 
as Audit 
Supervisor, 
Deloitte (Tax, 
Audit, Management 
Consultant), Group 
CFO (Lafarge 
Cement 
- Heracles 
General Cement Company), 
Director of Finance and Control 
(L’Oreal 
Hellas), Group Financial Manager (PLIAS Group). 
He is a Chartered 
Accountant in UK, 
member of 
the Chartered 
Institute of Management 
Accountant (C.I.M.A.), 
UK. He holds 
an 
MBA 
from 
the 
University 
of 
Warwick 
(UK) 
and 
a 
BA 
in 
Business 
Management 
and 
Organization 
from 
the 
School 
of 
Economics and Business Science (ASOEE). 
Michalis 
Louis-Chief 
Executive 
Officer 
(CEO) 
& 
Executive 
Board 
Member 
of 
Hellenic 
Bank 
Public 
Company 
Limited 
& 
Executive Committee Member of Eurobank 
S.A. 
-
Year of birth: 1962 
-
Nationality: Cypriot 
-
Number of shares in Eurobank 
Holdings: 391,402 
Mr. 
Louis has 
also served 
as Head 
of International 
Activities General 
Division (2014-2024) 
& Group 
Private Banking 
(2019-
2024), CEO of Eurobank 
Cyprus Ltd (2007-2024), Member of 
the BoD of Eurobank 
Private Bank Luxembourg 
SA (2014-2024) 
and Member of the Supervisory Board 
(SB) of Eurobank Bulgaria AD (2015-2024). 
Additionally, 
he 
was 
a 
Member 
of 
various 
Committees 
within 
Eurobank 
Group 
and 
served 
on 
the 
Boards 
of 
multiple 
subsidiaries abroad owned by 
Eurobank Group. 
Earlier 
in 
his 
career, 
he 
held 
Senior 
Management 
roles 
at 
Laiki 
Bank 
of 
Cyprus 
and 
at 
an 
HSBC 
subsidiary 
in 
New 
York, 
specializing in Corporate Finance. 

 
 
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He holds a B.A in Accounting Studies from Ealing College, London, and an M.Sc. in Corporate 
Finance & Accounting from the 
London School of Economics. 
Natassa Paschali-General Manager, 
Group Human Resources General 
Division, (Group CHRO), 
Eurobank SA 
-
Year of birth: 1972 
-
Nationality: Greek 
-
Number of shares in Eurobank 
Holdings: 130,859 
Mrs. 
Paschali 
is 
the 
Group 
Chief 
Resources 
Officer 
(Group 
CHRO), 
since 
June 
2018.In 
the 
past 
she 
has 
served 
within 
the 
Eurobank Group as Head of People Engagement (January 2017 
– June 2018), Head 
of HR, Eurobank Private Bank Luxembourg 
SA (parallel assignment), Luxembourg (May 2014 
– May 2017), 
Head of HR 
Line Management, Wholesale Banking (2008-2016).
 
She also 
held positions 
in Citigroup 
- 
Citibank International 
Plc as 
Head of 
HR – 
Vice President, 
Global Corporate 
and Investment 
Banking Group, 
(July 2006 
– June 
2008) and 
Head of 
Training 
& Development 
– Assistant 
Vice 
President, 
Consumer Banking Group, (February 
2004 – July 2006) 
She 
holds 
a 
MSc 
in 
Industrial 
Relations 
and 
Personnel 
Management 
from 
the 
London 
School 
of 
Economics 
and 
Political 
Science (1995-1996) 
and a BA in English 
Language and Literature 
from the 
University of 
Athens, School 
of Philosophy (1991-
1995). 
Ioannis Serafeimidis-General 
Manager, Retail Banking Strategy 
& Growth, Chief Retail 
Growth Officer, 
Eurobank SA 
-
Year of birth: 1973 
-
Nationality: Hellenic 
-
Number of shares in Eurobank 
Holdings:
214,271 
Mr Serafimidis 
is also a 
Non-Executive member 
of the 
BoDs in, Eurolife 
FFH Insurance 
Group Holdings 
SA (since 
July 2023), 
Eurolife FFH Life 
Insurance SA (since July 2023) and Eurolife 
FFH General Insurance 
SA (since July 2023). 
In the past Mr. Serafeimidis 
has served as Head of Retail Banking Channels, General 
Manager 
(2023-2024), Head of Branch 
Network, General 
Manager (2019-2023), 
Executive Director 
and Head 
of Retail 
Banking, Postbank, 
Sofia (2014-2019), 
Head 
of Branch 
Network, Postbank, 
Sofia (2011-2014), 
Senior Executive 
Manager and 
Head of 
Small Business 
Banking, Bancpost, 
Bucharest (2008-2011), as well as other significant posts in Eurobank’s Branch Network, which he joined in 2002 after a 4 year 
incumbency in KPMG Management Consulting in Athens. 
He holds an MSc in 
International Relations from London School of Economics (UK) and 
a BSc in Economics 
from the University 
College London (UK). 
Mrs. Veronique 
Karalis, 
Deputy Group 
Company Secretary, 
serves 
as the 
Secretary 
of the 
ExBo and 
reports 
to the 
Group 
Company Secretariat. 
The ExBo manages the 
implementation of Group’s 
strategy in line with the 
Board’s guidance. 
The ExBo meets on a weekly 
basis or ad hoc when necessary. 
The 
ExBo 
is 
in 
quorum 
and 
meets 
validly 
when 
half 
of 
its 
members 
plus 
one 
are 
present 
or 
represented 
and 
either 
the 
Chairperson or the longest-serving Deputy 
CEO (if chairing) 
is present. In 
determining the number of members 
for the quorum, 
fractions, if any, 
shall not be counted. The ExBo resolutions 
require a majority vote. 
The ExBo’s key 
tasks and responsibilities are to: 
●
manage the implementation 
of the Group’s 
strategy, in line 
with the BoD’s guidance 
●
draw up the annual budget and the 
business plan 
●
approve 
issues 
concerning 
the 
Group’s 
strategic 
choices 
(e.g. 
partnerships, 
share 
capital 
increase, 
issuing 
convertibles 
and/or 
launching 
debt 
issuance 
programs, 
mergers, 
acquisitions 
or 
disposals, 
the 
formation 
of 
joint 
ventures, creation 
or dissolution of special purpose vehicles, 
dividend distribution and all other 
investments or non-
material disinvestments 
by the 
Group etc.), ensuring 
these being in 
line with the 
approved 
Group’s 
strategy, 
if the 
issue under discussion is less than or equal to €40 million. In case though: 
a.
the issue under discussion exceeds 
€ 40 million, 
b.
a decision of the Board is obligatory 
by Law or by the Bank’s contractual 
commitments, 
c.
it is deemed necessary 
by the 
SPC, taking into account the 
complexity and nature 
of the strategic 
choices 
under discussion, the issues concerning 
the Group’s 
strategic choices are 
approved by the 
Board following 
a relevant proposal by the 
SPC (as per its Terms 
of Reference) 
●
monitor the 
performance 
of each business 
unit and country 
against budget and ensure 
corrective 
measures are 
in 
place wherever 
required 
●
decide on 
all major 
Group’s 
initiatives 
aiming 
at transforming 
the 
business and 
operating 
model, enhancing 
the 
operating efficiency 
and cost rationalization, 
improving organizational 
and business structure 
●
ensure that adequate systems of internal controls 
are properly 
maintained 

 
 
 
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9
●
review and approve 
Bank’s Policies 
and other governance 
documents 
that are related to its responsibilities and/or 
are of critical importance to the 
Bank, 
●
review the 
performance 
of any Committee and /or individuals 
to whom it has delegated 
part of its responsibilities, 
as approved 
●
ensure adequacy of Resolution Planning governance, 
processes and systems 
●
hire and retain external consulting firms and approve 
their compensation and terms 
of engagement in accordance 
with Bank’s policies and procedures 
●
hire 
and 
retain 
investment 
banking 
advisors, 
and 
approve 
their 
compensation 
and 
terms 
of 
engagement, 
in 
accordance with Bank’s policies and procedures, 
where applicable 
By 
the 
date 
of 
issuance 
of 
the 
2024 
Corporate 
Governance 
Statement, 
ExBo’s 
self-evaluation 
for 
2024 
was 
in 
progress. 
According 
to ExBo’s 
self-evaluation 
for 
2023, 
it was 
determined 
that 
its overall 
performance 
remained 
strong 
in all 
areas 
with a slight 
decrease vs. last 
year. Members of ExBo discussed 
the following considerations: i) number of items 
in the agendas 
being excessive, 
ii) Meetings’ 
agenda being 
more 
focused 
on regulatory 
and operational 
and less 
strategic 
and business 
oriented and iii) supporting material being lengthy and the 
necessity of an executive summary. 
7.3
Strategic Planning Committee
The primary purpose of the SPC is to support Management in planning, developing, 
and implementing the Group’s 
strategy. 
Additionally, 
the 
SPC 
is 
responsible 
for 
recommending 
certain 
strategic 
initiatives 
to 
the 
Board 
for 
consideration 
and 
approval. 
The key tasks and responsibilities 
of the SPC are: 
●
To 
ensure 
that 
the 
Group 
establishes 
a 
well-defined, 
planned 
medium-term 
strategy 
aligned 
with 
the 
Board’s 
guidance and the approved 
business plan. 
●
To 
review 
the 
key objectives 
and goals 
within the 
framework 
established by 
the 
Executive 
Board’s annual 
budget 
and business plan, as well as major business initiatives, prior 
to their submission for Board 
approval. 
●
To 
review, 
analyze, 
and 
deliberate 
on 
issues 
concerning 
the 
Group’s 
strategic 
choices—such 
as 
strategic 
partnerships, 
capital 
increases, 
issuance 
of 
convertible 
or 
debt 
instruments, 
mergers/demergers, 
acquisitions 
or 
disposals, joint ventures, 
creation or dissolution 
of special purpose vehicles, dividend distributions, 
and other 
major 
investments or divestments—ensuring alignment with the approved 
Group strategy. 
The SPC will formulate relevant 
proposals to the Board 
if: 
a)
The matter under discussion exceeds €40 
million, while lower amounts 
are approved by the Executive Board. 
b)
A decision by the Board 
is required by law or by the 
Bank’s contractual commitments. 
c)
The 
SPC 
deems Board 
consideration 
necessary 
due to 
the 
complexity or 
nature 
of the 
strategic 
choices 
under discussion. 
●
To 
submit proposals 
to the 
Board 
for 
approval 
concerning 
the 
strategy 
and budget 
of the 
property 
portfolio, 
as 
outlined in the Service 
Level Agreement 
between Eurobank and Grivalia Management 
Company. 
●
To 
submit 
proposals 
to 
the 
Board 
for 
approval 
concerning 
the 
acquisition 
or 
disposal 
of 
assets, 
excluding 
repossessed 
assets 
(as 
defined 
in 
the 
Service 
Level 
Agreement 
between 
Eurobank 
and 
Grivalia 
Management 
Company), with a book value exceeding €10 million. 
●
To 
submit 
proposals 
to 
the 
Board 
for 
approval 
regarding 
the 
disposal 
of 
repossessed 
assets, 
as 
defined 
in 
the 
Service Level Agreement between Eurobank and Grivalia Management Company, with a 
gross book value exceeding 
€20 million. 
●
To 
maintain 
and 
implement 
all 
necessary 
measures 
for 
regulatory 
and 
internal 
capital 
management, 
ensuring 
sufficient 
coverage 
for 
all 
risk 
types, 
including 
strategic, 
reputational, 
and 
other 
non-quantifiable 
risks, 
to 
consistently meet capital requirements 
. 
●
To review 
and assess all major Group initiatives aimed at 
transforming the 
business and operating model. 
●
To regularly 
monitor the Group's strategic 
and key performance 
indicators, including a segmental perspective. 
●
To review 
and, when necessary, make recommendations 
to the Board on any other matters 
of strategic significance 
to the Group. 
The SPC meets on a weekly 
basis or ad hoc, when necessary. 
The 
SPC is 
in quorum 
and meets 
validly when 
a) half 
of its 
members 
plus one 
are present 
(fractions 
are excluded 
from the 
computation), 
provided 
that 
at least 
three 
members 
are present 
and b) 
SPC’s Chairperson 
or the 
longest serving 
Deputy 
CEO in attendance, 
entitled to chair the Committee, is present. 
Decisions are passed by majority vote. In 
case of a tie of votes, SPC’s Chairperson has the casting vote. 
If SPC’s Chairperson 
is absent, the longest serving Deputy CEO in attendance, 
entitled to chair the Committee, has the casting vote. 
9
Information regarding current composition and short biographical details of its members may be found at the Bank’s website (www.eurobank.gr).

 
 
 
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11
By 
the 
date 
of 
issuance 
of 
the 
2024 
Corporate 
Governance 
Statement, 
SPC’s 
self-evaluation 
for 
2024 
was 
in 
progress. 
According 
to 
SPC’s 
self-evaluation 
for 
2023, 
it was 
determined 
that 
its 
overall 
performance 
and 
all 
the 
specific 
areas 
of 
evaluation 
i.e. the 
profile and 
composition, the 
organization 
and administration 
and the 
key tasks 
and responsibilities, 
are 
strong. 
7.4
Management Risk Committee
The main responsibility of the MRC is to oversee 
the risk management framework 
of Eurobank S.A. (“the 
Bank”). As part of its 
responsibility, 
the 
MRC 
facilitates 
reporting 
to 
the 
BRC 
on 
the 
range 
of 
risk-related 
topics 
under 
its 
purview. 
The 
MRC 
proactively 
supports the 
Group 
CRO to 
identify material 
risks, in 
addition 
to those 
identified independently 
by the 
Group 
CRO and the 
Group Risk 
Management General 
Division, and to 
promptly escalate 
them to 
the BRC 
and assists the 
Group 
CRO 
in 
ensuring 
that 
the 
necessary 
policies 
and 
procedures 
are 
in 
place 
to 
prudently 
manage 
risk 
and 
to 
comply 
with 
regulatory requirements. 
As part of its responsibility, the 
MRC, facilitates reporting to the 
BRC on the range of risk-related 
topics under its purview. 
The 
MRC understands 
and evaluates 
risks, addresses 
issues, promotes 
the 
implementation 
of risk 
policies 
and informs 
the 
BRC 
of 
the 
Group’s 
risk 
profile. 
Furthermore, 
the 
MRC 
assists 
the 
BRC 
in 
defining 
risk 
management 
principles 
and 
methodologies, thereby ensuring that the Group’s risk management framework contains processes for identifying, 
measuring, 
monitoring, mitigating and reporting the current 
risk profile against its risk appetite, limits and performance 
targets. 
Specific responsibilities performed 
by the MRC are relevant 
to the following 
areas: 
●
Alignment of Business Plan with Risk Appetite 
●
Provisioning 
●
Risk monitoring, reporting and remediation 
●
Stress Testing Programme 
●
Regulatory required Stress Tests 
(EBA / ECB) 
●
Group ICAAP and ILAAP 
●
Group Recovery 
Plan 
●
Internal Model approval, results 
monitoring and reporting 
●
BCBS 239 – Risk Data Aggregation and Risk Reporting (RDARR) 
●
Resolution Planning 
●
Reporting 
●
Significant Risk Transfer 
(SRT) 
The 
MRC achieves 
quorum when 
at least 
five of 
its members, 
including the 
Chairman, are 
present. Selected 
attendees can 
be invited to the 
MRC meetings, when 
the topics 
for discussion 
fall under 
their remit 
or they 
have the 
requisite expertise 
to 
constructively participate. The 
finalized minutes are distributed to the MRC and BRC members. 
By the date 
of issuance of the 
2024 Corporate 
Governance 
Statement, MRC’s self-evaluation 
for 2024 
was in progress. 
For 
2023, it was determined that its overall 
performance and all the 
specific areas of evaluation i.e. the profile 
and composition, 
the organization 
and administration and 
the key 
tasks and responsibilities, are 
strong. Members reviewed 
key points raised 
by the 
self-assessment exercise, 
noting that 
the main 
issues concern 
members’ 
attendance and participation, 
the length 
of 
the 
meeting 
and 
the 
agenda 
as 
well 
as 
the 
timely 
submissions. 
Members 
exchanged 
opinions 
on 
how 
to 
improve 
the 
committee 
and 
agreed 
on 
the 
need 
to 
educate 
the 
presenters 
to 
be 
short 
and 
concise 
so 
as 
to 
allow 
more 
time 
for 
questions/discussion. 
7.5
Group Asset and Liability Committee (G-ALCO) 
G-ALCO’s primary mandate is to: 
a)
formulate, propose, approve, 
implement and monitor – as the case may be 
- the Group’s i) liquidity position and risk 
profile and its funding strategies and policies 
ii) interest rate guidelines and interest 
rate risk profile and policies iii) 
Capital 
investments 
- 
as 
well 
as 
FX 
exposure 
and 
hedging 
- 
strategy 
iv) 
Group’s 
business 
initiatives 
and/or 
investments that 
affect the 
bank’s capital, market 
and liquidity risk profile. 
Further, 
to approve 
at a first stage, and 
recommend 
to BRC 
for 
final approval 
the 
respective 
country limits 
and the 
relevant 
policy/methodology 
(special 
attention is given for 
the approval/monitoring of 
the limits for 
countries where Eurobank 
has a local presence). 
b)
approve 
or propose 
– as the case 
may be - changes 
to these policies 
that conform 
to the 
Bank’s risk appetite and 
levels 
of exposure 
as determined 
by the 
Board Risk 
Committee (and 
BoD as 
the 
case may 
be) and 
Management, 
while complying with the framework 
established by regulatory/supervisory 
authorities. 
G- 
ALCO 
responsibility 
is 
to 
also 
review 
the 
overall 
liquidity 
positions 
and 
developments 
of 
the 
Group 
on 
a 
country-by-
country level. In this 
context, international subsidiaries’ ALCOs should report on 
monthly basis material country developments 
10
Information regarding current composition and short biographical details of its 
members may be found at the Bank’s 
website (www.eurobank.gr).
11
Information regarding current composition and short biographical details of its 
members may be found at the Bank’s 
website (www.eurobank.gr).

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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and decisions (reflected in respective country ALCO minutes) to G-ALCO, 
based on the above principles and their respective 
regulatory/supervisory authorities’ 
instructions and guidelines. 
The key tasks and responsibilities 
of G-ALCO are the 
following: 
Regarding 
the 
approval 
of 
general 
policies 
and 
guidelines, 
compliance 
with 
regulatory 
requirements, 
review 
of 
activities/investments, risks & exposures: 
●
Formulate, propose and/or modify - as 
appropriate - guidelines and 
pricing policies for deposit 
and loan interest 
rates for 
the Group, as well 
as review and approve 
business proposals for pricing loans 
and deposits. 
●
Regularly review, 
adapt/modify - as 
may be required 
– and approve 
on an annual 
basis (or 
ad-hoc if needed) 
the 
Group’s 
internal Funds 
Transfer 
Pricing (FTP) 
policies and 
FTP annual 
budget/business plan 
guidelines, 
in 
order 
to 
reflect 
current 
market 
developments 
and 
business 
objectives. 
With 
regards 
to 
International 
Subsidiaries, 
local 
FTP 
policy 
is 
reviewed, 
adapted/modified, 
approved 
by 
local 
ALCOs 
and 
presented 
for 
approval/acknowledgement 
to G-ALCO whenever 
it is deemed necessary. 
●
Review 
International 
subsidiaries’ 
Capital 
investments, 
FX 
exposures 
and 
hedging 
strategies, 
and 
approve 
related actions as may be required. 
●
Review and 
approve 
the Market 
& Counterparty 
Risk policy 
and the 
relevant KRIs 
and the 
RAS framework 
for 
market and counterparty risks before 
their submission to BRC/BoD. 
●
Be informed of the MREL requirement and the MREL issuance plan following its approval by the BRC; review and 
approve individual MREL instruments’ wholesale 
issuance and related costs in the context of the approved 
plan 
and MREL targets. Similar intra-group requirements by International Subsidiaries are separately assessed when 
they arise. 
●
Approve the 
liquidity-related resolution 
deliverables prior 
to their submission to the SRB/NRA. 
●
Approve the 
implementation of MREL and liquidity options 
within the context of the Group’s 
Recovery Plan. 
●
Review 
ERB/Group material 
market risks 
and exposures 
across investment 
portfolios 
(AC, FVOCI 
etc) and 
risk 
dimensions 
(e.g., 
interest 
rate 
risk, 
liquidity/currency 
mismatch) 
as 
may 
be 
identified 
by 
Markets 
& 
and/or 
GMCRS, and recommend actions as may be required. 
●
Approve Markets’ 
new trading & investment 
activities for the 
bank’s own books (Trading, 
FVOCI, AC). 
●
Review 
on annual 
basis country 
exposures/limits and 
sovereign 
exposure/limits (as 
per Sovereign 
Risk Policy); 
approve 
new 
Country and/or 
Sovereign 
limits when 
proposed 
and modify 
existing Country 
and/or Sovereign 
limits as/when 
appropriate. 
Any Country 
Limit increases 
approved 
by G-ALCO 
also require 
BRC approval. 
G-
ALCO 
should allocate 
country 
limits between 
exposures 
in state 
bonds/treasury 
bills and 
exposures 
in credit 
facilities to state controlled 
entities. 
●
Within the 
context of the 
approved 
investment framework 
for corporate/FI 
bond portfolio, 
review the 
relevant 
portfolio 
limits 
annually. 
Review 
and 
approve 
(prior 
to 
Group’s 
formal 
commitment) 
business 
proposals 
for 
planned 
soft 
underwriting 
commitments. 
Review 
and 
clear 
hard 
underwriting 
commitments; 
to 
note, 
these 
would also require prior approval 
by the appropriate 
Credit Committees as per existing Credit policies. 
Regarding Liquidity Risk 
●
Within the 
scope of the Group’s 
Liquidity Risk Policy, 
i) monitor the implementation of 
the Asset Encumberance 
policy and 
the 
execution 
of the 
Contingency Funding 
Plan process, 
as may 
be required, 
ii) establish, 
monitor, 
propose and approve 
- as may be required - actions for the 
maintenance of adequate liquidity buffers 
in order 
to withstand liquidity stress (or 
alternatively, 
adverse liquidity) events 
and comply (as possible) with regulatory 
requirements and internal thresholds 
or targets. 
●
Ensure 
that 
the 
Group 
Liquidity 
Risk 
policy 
is 
properly 
coordinated, 
integrated 
and 
updated 
– 
as 
may 
be 
required 
and 
in 
compliance 
with 
the 
relevant 
regulatory 
framework, 
and 
market 
practices 
- 
across 
Group 
entities. 
●
Review planned/projected liquidity profile and performance, 
monitor regulatory liquidity risk ratios (LCR, NSFR); 
review wholesale funding strategies 
and initiatives, and approve 
related actions for the 
Bank/Group. 
●
Report 
the 
Bank’s 
liquidity 
position, 
projections 
and 
risks, 
recommend 
actions 
related 
to 
liquidity 
risk 
management 
as 
may 
be 
required 
to 
the 
Board 
Risk 
Committee 
(BRC) 
and 
BoD), 
and 
implement 
/ 
monitor 
related BRC and/or BoD decisions. 
●
Review regulatory liquidity ratios, 
liquidity stress tests, and internal liquidity related warning indicators. 
Review 
material liquidity 
risks; formulate, 
approve, 
and propose 
to MRC 
related stress 
test scenarios. 
Formulate 
and 
implement action 
plans in case 
regulatory liquidity ratios 
and indicators’ 
evolution 
(and/or stress tests 
results) 
may so require, in the context of the 
Group’s policies, 
risk appetite and regulatory framework. 
●
Determine 
the 
appropriate 
KRIs 
and 
related 
framework 
for 
the 
monitoring 
of 
liquidity 
risk, 
approve 
the 
proposed KRIs and framework 
before their 
submission to BRC and BoD. 

 
 
 
 
 
 
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●
Review 
and approve 
the 
periodic 
funding 
plan, 
including 
the 
funding 
plan which 
is 
prepared 
for 
the 
ILAAP/ 
ICAAP 
exercise, 
and 
take 
its 
results 
into 
consideration 
in 
its 
decision 
making 
process 
as 
appropriate. 
Also, 
review and approve 
the LCR restoration 
plan and the related funding 
plan, and any major changes to it. 
Regarding Interest Rate Risk in the 
Banking Book (IRRBB) and Credit Spread Risk in the 
Banking Book (CSRBB), G-ALCO (as 
delegated by 
the 
BoD and 
BRC) has 
the 
overall 
responsibility for 
the 
monitoring and 
management of 
said risks, 
and clear 
authority over the 
units responsible for taking such risks. 
More specifically, 
G-ALCO’s tasks, authorities and responsibilities are 
to: 
●
Formulate 
the 
Group’s 
IRRBB and 
CSRBB Policies’ 
framework 
and assumptions 
(e.g., models, 
stress scenarios 
etc.) before its submission to BRC/BoD; review 
and approve the 
Group’s strategies 
for managing relevant risks 
●
Review 
and 
approve 
the 
Group’s 
guidelines 
for 
the 
systems 
used 
for 
IRRBB 
and 
CSRBB 
monitoring 
and 
assessment; further 
propose to BRC for 
final approval 
●
Formulate the risk appetite and appropriate exposure limits 
(RAF thresholds) for the IRRBB and 
CSRBB; propose 
for approval 
to BRC and BoD; 
●
Establish a comprehensive IRRBB and 
CSRBB reporting and 
monitoring framework to regularly assess the IRRBB 
and 
CSRBB 
exposure 
against 
the 
respective 
limits 
(as 
they 
are 
established); 
GMCRS 
is 
the 
responsible 
monitoring/reporting unit 
●
Ensure 
that 
adequate 
controls 
and 
procedures 
are 
in 
place, 
and 
appropriate 
management 
actions 
are 
triggered, when set limits and early warnings levels 
are breached 
●
Evaluate the 
performance, 
and impact, of 
risk management 
strategies 
applied to relevant 
exposures (interest 
rate, credit risk) on EVE and NII in the 
context of the IRRBB/CSRBB Policy 
and Management targets 
●
Approve 
the Economic Hedging 
Framework 
and propose its 
approval to 
BRC/BoD (also part of 
the IRRBB 
and 
CSRBB Policy) 
●
Define the 
high-level risk 
management strategy 
on a periodic 
basis - quarterly 
or ad hoc as may 
be required - 
in the context of the Economic Hedging 
Framework (established to hedge the bank’s interest rate risk and credit 
risk exposures on a 
portfolio basis). Further, 
to monitor and 
evaluate the outcome of hedging strategies, request 
their extension or 
termination, escalate 
significant developments 
to BRC/BoD, monitor the 
RAF thresholds and 
the effect 
of hedging strategies on the 
CAD ratio and Bank results. 
●
Review 
and 
approve 
proposals 
to 
use 
new 
products, 
or 
engage 
in 
new 
activities 
- 
related 
to 
risk 
taking 
or 
hedging strategies, 
prior to 
acquisition or 
implementation, 
to ensure 
that the 
resources 
required 
to establish 
sound and effective IRRBB management of the product 
or activity have been identified, the proposed activities 
are in line with the institution’s overall 
risk appetite and RAS, and that procedures to identify, measure, 
monitor 
and control 
the risks 
of the 
proposed product 
or activity have 
been established. 
It should be 
ensured that 
the 
IRRBB characteristics of these 
new products and activities are well 
understood. 
●
Approve major hedging or risk-taking initiatives 
in advance of implementation. Ensure that positions related 
to 
internal risk transfers 
between the non-trading 
book and the trading 
book are properly 
documented. 
Key reports reviewed 
by G-ALCO: 
●
Loans and Deposits evolutions 
(Greece and International) 
●
Deposits Structure (Core, Time 
Deposits) 
●
Deposit rates evolution 
(per business unit) and market share evolution 
(Greece) 
●
LCR & NSFR evolution 
on a monthly basis (at a Solo and Group level) 
●
FTP budget/business plan guidelines and funding cost 
●
Sources and Uses of funds at Group/country 
level, secured funding report 
●
Liquidity buffer analysis (Solo, 
Group, and per country). 
●
Liquidity stress tests 
●
Liquidity risk analysis/sensitivities 
●
Interest Rate Gap report 
●
Market risk analytics reports (PV01 in FVOCI 
and AC, VaR analysis, historical 
simulation results and reporting of 
the relevant 
KRIs for MTM exposure 
in OCI & AC, 
evolution of 
RWAs for 
market risk, reports on 
the level 
of KRIs 
related to market risk. 
●
IRRBB reports: 
sensitivity of 
NII 
and sensitivity 
of EVE 
per 
regulatory 
framework 
(EBA IRRBB 
guideline) 
& per 
internal framework 
●
Greek sovereign 
exposure report (internal and regulatory) 
●
RWA movement 
report 

 
 
 
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●
Secured funding analysis report 
●
Quarterly report on economic hedging positions 
●
International subsidiaries’ liquidity buffers 
and regulatory ratios 
●
International subsidiaries’ FX net investment 
hedging analysis 
Annually / or more frequently if needed: 
●
Internal or external auditors reports with reference 
to G-ALCO areas of responsibility. 
●
Regulatory Reports with reference 
to G-ALCO areas of responsibility 
G-ALCO convenes once 
a month and/or whenever 
required. 
Required 
quorum 
for 
G-ALCO 
meetings 
to 
be 
effective 
is 
six 
members. 
In 
order 
to 
have 
a 
quorum 
the 
presence 
of 
its 
Chairperson and a 
minimum of three 
(3) SPC members 
is required. 
Decisions on issues 
are to be 
taken by majority; 
in case 
of a tie 
vote, 
the issue 
under discussion 
is escalated 
to ExBo. 
Additionally, 
under exceptional 
circumstances, 
decisions may 
be taken by circulation, 
which is equal to a decision of the G-ALCO, even 
if no meeting has taken place. A relevant approval 
memo is then issued by the 
Secretary. 
During 2023 an extensive review and update of G-ALCO’s 
Terms 
of reference 
was performed, with the 
process completed in 
Q4 
2023, 
while 
the 
membership 
composition 
also 
changed. 
In 
this 
context, 
the 
committee’s 
performance 
review 
was 
extended to 
include 2024 
for completeness; 
it was determined 
that: i) 
G-ALCO 
members’ 
composition and 
engagement is 
well appropriate, 
and the committee’s 
performance 
is well satisfactory 
ii) the Committee continues 
to function effectively 
in 
relation 
to its 
mandate 
and responsibilities, 
with 
members 
actively 
engaging in 
critical 
discussions 
during 
meetings, 
with 
special focus 
on topics regarding 
key risk 
and regulatory/supervisory 
issues iii) in 
light of the 
complexity and importance 
of 
issues arising, 
the 
continued evolution 
of the 
regulatory 
framework 
and complexity, 
and the 
emergence 
of additional 
risk 
considerations/requirements 
or activities, G-ALCO 
should continue to improve 
its organizational 
and operational 
efficiency 
and 
further 
increase 
the 
scheduled 
frequency, 
and/or 
length 
of 
meetings 
(as 
possible), 
as 
may 
be 
required 
to 
remain 
as 
effective. 
Said action was already implemented for 
the 2025 scheduled meetings 
plan. 
7.6
Central Credit Committees 
7.6.1
Central Credit Committee I 
The main objective 
of Central Credit Committee I (CCCI) 
is to ensure the objective 
credit underwriting of relevant 
exposures 
of Greek 
corporate 
performing 
and private 
banking clients, 
in accordance 
to the 
Risk Appetite 
Framework 
and the 
Credit 
Policy Manual of the Bank and in a way that 
balances credit risk and return on equity. 
The 
CCCI is 
chaired by 
an independent to 
Business and 
Risk Professional, 
convenes at 
least once 
a week 
and all meetings 
are minuted. Decisions are taken unanimously. If unanimity is 
not achieved, the credit request is escalated by the Chairperson 
to the 
next (higher) 
approval 
level requiring 
a unanimous decision. 
In case 
of non-unanimity the 
final decision 
lies with 
the 
Management Risk Committee (MRC), by majority voting. 
The 
main duty 
and responsibility 
of the 
CCCI 
is to 
assess 
and approve 
all credit 
requests 
for 
clients in 
the 
Greek 
related 
corporate 
performing 
and 
private 
banking 
portfolio 
of 
a 
total 
exposure 
above 
€50mio 
and 
unsecured 
exposure 
above 
€35mio. For total exposure exceeding €75mio and unsecured exposure exceeding €50mio, additional approval 
by the GCRO 
is required, while for 
total exposure exceeding €150mio and unsecured 
exposure exceeding €100mio, additional approval 
by 
the CEO is required. Furthermore, 
for exposures higher than 
10% (or 20% for selected borrowers 
where no single risk exists) of 
the Bank’s regulatory 
capital the additional 
approval of 
the Management 
Risk Committee (MRC) is required. 
Subsequently, 
the final approval is granted 
by the Board Risk Committee (BRC). 
7.6.2
Central Credit Committee II 
The main objective 
of the Central Credit 
Committee II (CCCII) is the same as for 
the CCCI for 
lower levels 
of exposure. 
The CCCII convenes 
at least once a week and all meetings are 
minuted. Decisions are taken unanimously. 
If unanimity is not 
achieved, the 
request is escalated by the Chairperson 
to the next approval 
level. 
The main duty 
and responsibility of 
CCCII is to 
assess and 
approve all credit requests for clients 
in the Greek related 
corporate 
performing and private banking portfolio for total exposure from €20mio up to €50mio and unsecured exposure from €10mio 
up to €35mio and retail exposures for 
total limits above €3mio. 
By the date of issuance of 
the 2024 Corporate Governance Statement, Committee’s self-evaluation for 2024 was in progress. 
12
Information regarding current composition and short biographical details of its 
members may be found at the Bank’s 
website (www.eurobank.gr).

 
 
 
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14
15
7.7
Troubled Assets Committee
The Troubled 
Assets Committee 
(TAC) 
is established according 
to the 
regulatory provisions. 
The main 
purpose of TAC 
is to 
act as an independent 
oversight 
body, closely 
monitoring the 
Bank’s troubled 
assets portfolio 
and the 
execution of its 
NPE 
Management Strategy. 
The 
Committee 
meets 
at 
least 
once 
per 
month 
and/or 
whenever 
required 
if 
the 
majority 
of 
the 
members, 
including 
the 
Chairperson, are 
present. Decisions 
are taken 
by majority, 
are minuted and 
circulated as 
appropriate. 
The Chairman 
has a 
castin vote. 
TAC 
cooperates 
with Group Risk 
Management to reach 
a mutual understanding and develop 
an appropriate methodology 
for 
the evaluation 
of the 
risks inherent 
in the 
portfolio 
management. TAC’s 
propositions 
regarding NPE 
policy updates 
are 
submitted to the Board Risk Committee. In exceptional 
circumstances, decisions may be taken by 
circulation. 
TAC’s main responsibilities 
are to: 
●
review internal reports 
regarding troubled assets management 
under the regulatory 
provisions, 
●
approve 
the 
available 
forbearance, 
resolution 
and closure 
solutions 
by 
loan 
sub-portfolio, 
and monitor 
their 
performance through 
Key Performance 
Indicators (KPIs), 
●
define the criteria to assess the sustainability of credit 
and collateral 
workout solutions through 
the design and 
use of “decision trees”, 
●
approve, monitor and assess pilot 
modification programmes 
and 
●
supervise and provide guidance and 
know-how to the respective troubled assets 
units of Eurobank’s subsidiaries 
abroad. 
By the date of issuance of 
the 2024 Corporate Governance Statement, Committee’s self-evaluation for 2024 was in progress. 
For 
2023, 
the 
evaluation 
concluded 
that 
the 
committee 
operates 
effectively, 
in 
the 
areas 
of 
Profile 
and 
Composition, 
Organization 
& 
Administration 
as 
well 
as 
regarding 
the 
Key 
Tasks 
and 
Responsibilities. 
However, 
the 
evaluation 
also 
identified that 
while the 
overall 
quality and 
quantity of 
information 
submitted related 
to the 
proposals for 
assessment by 
the TAC 
members is adequate, there 
is room for further 
enhancement on providing more 
details on the quantification of the 
impact 
and measurable targets as well as indicating the monitoring frequency of all new remedial/work-out proposals. Such 
enhancements will benefit TAC 
members make more informed 
decisions. 
7.8
Products & Services Committee (PSC) 
The 
Products 
& Services 
Committee (PSC) 
is responsible 
for 
developing and 
supervising the 
governance 
framework 
for 
the 
products and 
services offered 
to Eurobank’s 
clients in Greece 
through the 
physical and alternative 
channels, in accordance 
with the supervisory and regulatory 
requirements. A governance 
framework 
assessing the financial and non-financial risks is 
in place. The 
PSC approves 
all new products 
& services 
as well as 
significant modifications 
in existing ones. The 
Committee 
also implements a periodic review of all products and services, 
according to their risk profile to determine their continuation, 
modification or discontinuation. The 
products and services of Remedial & Servicing Strategy are 
excluded and are under the 
responsibility of TAC 
(Troubled 
Assets Committee). 
PSC convenes once a month and/or whenever 
required. 
The 
PSC 
is in 
quorum 
and 
meets 
validly 
when 
half of 
its 
members 
plus 
one 
are 
present 
(fractions 
are 
excluded 
from 
the 
computation). 
For 
quorum, 
the 
Chairperson 
or 
the 
Vice-Chairperson 
(in 
case 
of 
Chairperson’s 
absence) 
should 
be 
also 
present. 
Decisions require, 
as a minimum, 
a majority vote 
of 50%+1 
of the 
members present 
in the 
meeting and 
are recorded 
in the 
meeting’s minutes. 
In case of a tie vote, the 
Chairperson or the Vice 
-Chairperson (in case of Chairperson’s absence) 
has the 
casting 
vote. 
All members 
of the 
PSC have 
equal voting 
rights. In 
case 
of no 
reaching a 
decision 
due to 
disagreement 
of 
Members, the issue under 
discussion is escalated to the Executive 
Board (ExBo). 
Additionally, 
decisions may 
be taken 
by circulation, 
which is 
equal to 
a decision 
of the 
Committee, even 
if no meeting 
has 
preceded. 
No 
resolution 
can 
be 
deemed 
for 
high 
risks 
products/services 
by 
circulation. 
They 
will 
be 
submitted 
to 
a 
PSC 
Meeting for discussion and approval 
or rejection. 
 
By the date of 
issuance of the 2024 
Corporate Governance Statement, Committee’s self-evaluation for 2024 was in progress. 
According to the Committee’s 2023 self-evaluation, its 
performance was assessed as very strong, it 
functions effectively, 
adds 
substantially to the governance 
model of the Bank and its Members demonstrate 
a high level of commitment. 
7.9
Sustainability Management Committee (SMC)
The 
primary 
mandate 
of 
the 
SMC 
is 
to 
provide 
strategic 
direction 
on 
sustainability 
initiatives, 
review 
the 
Sustainability 
Strategy, 
Net Zero 
targets and transition 
plans prior to approval, 
integrate the 
elements of the 
Sustainability Strategy 
into 
13 
Information regarding current composition and short biographical details of its members may be found at the Bank’s website (www.eurobank.gr).
14
 
Information regarding current composition and short biographical details of its members may be found at the Bank’s website (www.eurobank.gr). 
15
 
Information regarding current composition and short biographical details of its members may be found at the Bank’s website (www.eurobank.gr). 

 
 
 
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the 
Bank’s 
business 
model 
& 
operations, 
approve 
changes 
in 
eligible 
assets 
of 
Green 
Bond 
and 
Sustainable 
Finance 
Frameworks, 
regularly 
measure 
and 
analyze 
the 
progress 
of 
the 
Sustainability 
Strategy 
goals 
and 
performance 
targets, 
ensure 
the 
proper 
implementation 
of 
Sustainability-related 
policies 
and 
procedures, 
in 
accordance 
with 
supervisory 
requirements and voluntary 
commitments. 
SMC 
convenes 
four 
times 
a year 
and/or 
ad hoc 
when 
necessary. 
Other 
Bank employees, 
depending on 
the 
subject 
to be 
discussed, may be invited as deemed appropriate. 
Required 
quorum 
for 
SMC 
meetings 
to 
be 
effective 
is 
eight 
members. 
In 
order 
to 
have 
a 
quorum, 
the 
presence 
of 
its 
Chairperson and a minimum of seven (7) members is required. Decisions on issues are taken by majority. 
In case of a tie vote, 
the 
Chairperson has 
the 
casting vote. 
Whenever 
a decision 
of the 
SMC is 
not reached 
unanimously, 
this is 
recorded 
in the 
minutes along 
with the 
opinion of 
the minority. 
All meetings 
and decisions 
are minuted 
by the 
Committee’s Secretary 
and 
Required 
quorum 
for 
SMC 
meetings 
to 
be 
effective 
is 
eight 
members. 
In 
order 
to 
have 
a 
quorum, 
the 
presence 
of 
its 
Chairperson and a minimum of seven (7) members is required. Decisions on issues are taken by majority. 
In case of a tie vote, 
the 
Chairperson has 
the 
casting vote. 
Whenever 
a decision 
of the 
SMC is 
not reached 
unanimously, 
this is 
recorded 
in the 
minutes along 
with the 
opinion of 
the minority. 
All meetings 
and decisions 
are minuted 
by the 
Committee’s Secretary 
and 
distributed to SMC members. 
The evaluation highlighted the need to strengthen Committee’s oversight of sustainability training and awareness initiatives, 
remuneration 
practices that link Sustainability criteria 
and the sustainability controls and procedures 
in place. 
7.10 
Ethics Co 
The 
task of 
the 
Ethics Committee 
is to 
ensure 
that 
the 
Eurobank 
Group’s 
Code of 
Conduct & 
Ethics as 
well 
as the 
Bank’s 
Statute 
of 
Internal 
Service 
is 
observed, 
to 
interpret 
and 
constantly 
enrich 
it, 
as 
well 
as 
to 
contribute, 
generally, 
to 
the 
formulation 
of a code 
of values with 
which the 
behaviour of the 
officers 
and personnel of 
Eurobank, 
as well as 
that of third 
persons that regularly collaborate 
with the Bank, must comply. Adherence 
to the rules of ethics contributes, on the one hand, 
to 
the 
protection 
of 
dignity 
and 
personality 
of 
the 
personnel, 
and 
on 
the 
other 
hand, 
to 
the 
good 
reputation 
and 
the 
protection of the 
interests of the Bank. 
The Ethics 
Committee convenes 
once a month, 
if there 
are issues to 
be discussed or, 
exceptionally, 
more frequently, 
in case 
of an 
emergency, 
in a 
place 
and time 
that 
are 
stated 
in the 
agenda. The 
Ethics 
Committee 
may convene 
either 
with 
the 
physical presence of its members, 
or by electronic means. The 
Committee shall act unanimously. 
By the date of issuance of 
the 2024 Corporate Governance Statement, Committee’s self-evaluation for 2024 was in progress. 
Ethics Committee’s performance 
was evaluated for the 
first time in February of 2023 and it was determined that 
it functions 
effectively, 
especially in the 
areas of Profile 
& Composition as well 
as Organization & 
Administration. 
The Ethics 
Committee 
encourages critical discussion and a healthy 
challenging of corporate tisk culture. 
8
Key Control 
Functions 
As part 
of its 
overall 
system of 
internal 
controls, 
HoldCo/Bank 
have 
established 
a number 
of dedicated 
control 
functions 
whose 
main 
responsibility 
is 
to 
act 
as 
independent 
control 
mechanisms 
thus 
reinforcing 
the 
control 
structure 
of 
the 
HoldCo/Bank. The most important functions 
and their key responsibilities 
are described below. 
8.1
Internal Audit 
8.1.1
Eurobank Holdings 
Internal Audit 
(IA) is 
an independent, 
objective 
assurance 
and consulting 
function designed 
to add 
value and 
improve 
the 
operations 
of Eurobank 
Holdings. IA 
has adequate 
organisation 
structure 
and appropriate 
resources 
to ensure 
that it 
can 
fulfil its roles 
and responsibilities. 
Eurobank’s Group 
Internal Audit (Group 
IA) maintains a quality assurance 
and improvement 
programme 
to ensure that 
the 
methodology is applied consistently and the objectives and responsibilities of Group IA are met. 
Under the framework 
of co-
operation 
between 
IA 
and 
Group 
IA, 
IA 
assigns 
the 
assessment 
of 
the 
effectiveness 
of 
internal 
audit 
activities 
and 
conformance with IIA Standards 
to Group IA. 
In order to safeguard its independence, IA reports 
functionally to the Audit Committee and administratively 
to the CEO. The 
Board 
has 
delegated 
the 
responsibility 
for 
monitoring 
the 
activity of 
the 
IA 
to 
the 
Audit Committee 
of 
the 
HoldCo. 
IA 
is 
headed 
by 
the 
Chief 
Internal 
Auditor 
(CIA) 
who 
is 
appointed 
by 
the 
Audit 
Committee. 
The 
latter 
also 
assesses 
the 
CIA’s 
performance. 
The 
mission of 
IA is 
to enhance 
and protect 
organisational 
value by 
providing 
risk-based and 
objective 
assurance, 
advice 
and insight. The key assurance 
and consulting responsibilities of IA are to: 
●
provide 
reasonable assurance 
in the 
form of 
an independent opinion, 
as to the 
adequacy and effectiveness 
of the 
governance 
and risk 
and internal 
control 
framework 
of HoldCo 
and adherence 
to the 
risk appetite 
framework. 
In 
order to form an opinion, IAU establishes and carries 
out a programme of audit work (based 
on the risk assessment 
of the audit universe) 
16
 
Information regarding current composition and short biographical details of its members may be found at the Bank’s website (www.eurobank.gr). 

 
 
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●
assist 
management 
in 
enhancing 
the 
system 
of 
internal 
control 
including 
improvement 
of 
existing 
policies 
and 
procedures 
●
manage effectively 
the internal audit process 
and resources of IA 
●
provide 
any information 
requested in 
writing by 
the Supervisory 
Authorities and 
co-operate 
with them 
in order 
to 
facilitate 
their 
work. 
The 
AC 
and/or Management 
shall 
always be 
advised regarding 
information 
provided 
to the 
Authorities 
●
carry out any other 
specific duties required by the 
Regulatory Authorities and/or participate in projects 
undertaken 
by the Company 
●
participate in Company’s projects in an assurance 
or consulting capacity 
●
liaise with 
the 
external 
auditors and 
other 
assurance 
providers 
to share 
information, 
minimise any 
duplication 
of 
effort and ensure 
adequate coverage 
of risks 
●
assess the 
adequacy and 
effectiveness 
of the 
control 
functions (such 
as risk 
management, compliance 
or finance) 
and involving judgment determine to what extent it is appropriate 
to take account of the relevant work undertaken 
by these functions 
●
strive to maintain an open, constructive and cooperative 
relationship with the 
Supervisors. 
8.1.2
Eurobank 
Group Internal 
Audit (Group IA) 
is an independent, objective 
assurance and 
consulting function designed 
to add value and 
improve 
the operations 
of Eurobank 
and its subsidiaries. 
Group IA 
has appropriate 
organisational structure 
and resources 
to ensure that it can fulfil the 
roles and responsibilities as described in relevant 
regulations. 
Group 
IA 
comprises 
the 
“Internal 
Audit”, 
the 
“Forensic 
Audit”, the 
“International 
Audit” 
and 
the 
“Business 
Monitoring 
and 
Organisational Support”. 
IA also has 
a Quality Assurance, 
Standards and Methodology 
(QA), to 
assess the 
effectiveness 
of 
the 
Group’s 
internal 
audit 
activities 
and conformance 
with 
IIA 
Standards. 
QA 
operates 
as Centre 
of Excellence 
for 
Audit 
Standards 
& 
Methodology, 
acting 
as 
an 
advisor 
to 
IAG 
Management 
in 
topics 
related 
to 
quality 
improvement 
and 
methodology. 
In 
addition, 
the 
Data 
Analytics 
Centre 
of 
Excellence 
(DAnCoE) 
of 
Group 
IA 
aims 
to 
enhance 
people 
skills 
towards data analytics, enabling the 
generation 
of data-driven insights and provide 
valuable perspectives to Management 
of the Group. 
In order 
to safeguard 
its independence, 
Group IA 
reports functionally 
to the 
Audit Committee 
and administratively 
to the 
CEO. The 
Board has delegated 
the responsibility 
for monitoring 
the activity 
of the 
Group IA 
to the 
Audit Committee of 
the 
Bank. Group IA is headed by the Group Chief Audit Executive (CAE) who is appointed 
by the Audit Committee. The latter also 
assesses the CAE’s performance. 
The key assurance 
and consulting responsibilities of Group IA are to: 
●
provide 
reasonable assurance 
in the 
form of 
an independent opinion, 
as to the 
adequacy and effectiveness 
of the 
governance 
and risk and internal 
control framework 
of Eurobank 
and adherence 
to the risk 
appetite framework. 
In 
order to form an opinion, IAG establishes and carries 
out a programme of audit work (based on the risk assessment 
of the audit universe) 
●
assist 
Management 
in 
enhancing 
the 
system 
of 
internal 
controls 
including 
improvement 
of 
existing 
policies 
and 
procedures 
●
manage 
effectively 
the 
internal 
audit 
process 
and 
resources 
of 
both 
IAG 
and 
the 
Internal 
Audit 
departments 
of 
subsidiaries that 
are reporting 
directly to 
IAG and 
assess the 
performance 
of the 
Group’s 
internal audit 
functions, 
which have a direct reporting line 
●
follow-up 
to ascertain 
that 
appropriate 
action 
is taken 
on reported 
audit findings 
within 
agreed 
deadlines 
[Law 
3016/02 & Law 4706/20] 
●
attend Shareholders’ 
General Meetings [Law 3016/02 & Law 4706/20] 
●
provide 
any information 
requested in 
writing by 
the Supervisory 
Authorities and 
co-operate 
with them 
in order 
to 
facilitate 
their 
work. 
The 
Audit 
Committee 
and/or 
Management 
shall 
always 
be 
advised 
regarding 
information 
provided to the Authorities 
●
carry out 
any other 
specific duties required 
by the Supervisory 
Authorities and/or participate 
in bank wide projects 
undertaken by the 
Bank 
●
participate in Bank projects in an assurance 
or consulting capacity 
●
liaise with the Legal Services 
and Group Human Resources General 
Divisions and provide support to the 
Ethics and 
Operational Risk Legal 
Cases Committees 
●
liaise with 
the 
external 
auditors and 
other 
assurance 
providers 
to share 
information, 
minimise any 
duplication 
of 
effort and ensure 
adequate coverage 
of risks 
●
assess the 
adequacy and 
effectiveness 
of the 
control 
functions (such 
as risk 
management, compliance 
or finance) 
and involving judgment determine to what extent it is appropriate 
to take account of the relevant work undertaken 
by these functions 
●
maintain an open, constructive and cooperative 
relationship with the 
Supervisors 

 
 
 
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●
assist and advise Management 
on the prevention 
and detection of fraud 
or defalcation 
or unethical 
practices and 
undertake such special projects as required. 
8.2
Risk Management 
8.2.1
Eurobank Holdings 
As part 
of its 
overall 
system of 
internal controls 
HoldCo has 
engaged in 
a Service 
Level 
Agreement 
(SLA) with 
Eurobank 
in 
order to 
receive 
supporting and advisory 
services in 
all areas of 
risk management (credit, 
market, liquidity 
and operational 
risks) undertaken by the 
Group. 
The most important services 
provided through 
the above-mentioned 
SLA are described below: 
●
provision of advice on: 
-
Identification, evaluation 
and monitoring of credit risk, 
-
Ensuring policy 
and instructions 
(strategy 
and products) 
recommended 
by business 
owners 
and Servicers 
are 
aligned to applicable credit policy manual and regulatory 
guidelines, 
-
Standardization of procedures 
and guidelines, 
-
Update and maintenance of the risk strategic 
framework 
master document, 
-
Participation in systemic bank consultation 
committees, 
-
Review new remedial 
products and initiatives prior submission 
to TAC 
or approval 
●
coordination of NPE related regulatory 
reporting 
●
provision 
of 
input 
for 
SSM 
submission 
and 
3-year 
business 
plan, 
monthly 
MIS 
actual 
data 
(including 
Greek 
and 
International subsidiaries) 
●
advising on identification, support/advise, recording 
and evaluation of liquidity risks and financial monitoring 
●
advising in the identification, assessment, 
recording and monitoring of operational 
risks (e.g. RCSA, events capture, 
outsourcing etc.) 
●
advising in the identification, 
assessment, recording and monitoring of sustainability risk. 
8.2.2
Eurobank 
The 
Group 
Risk Management, 
which is 
headed 
by 
the 
Group 
Chief Risk 
Officer 
(GCRO), operates 
independently from 
the 
business 
units and 
is responsible 
for 
the 
identification, 
assessment, 
monitoring 
and measurement 
of the 
risks the 
Bank is 
exposed to. 
The 
major types 
of risk 
managed by 
Eurobank 
are the 
material risks, 
identified through 
the 
Risk Identification 
and Materiality Assessment (RIMA) process 
and listed in the relevant RIMA report. 
Material risk types include 
financial and non-financial risks, indicatively 
credit risk, market risk, liquidity 
risk, interest rate 
risk 
and credit 
spread risk 
in the 
banking book, 
operational 
risk, sustainability 
risk, country 
risk, reputational 
risks, conduct 
risk, 
risks stemming from strategic projects. 
The Group Risk Management comprises the Group Credit, the Group Credit Control, 
the Group Credit Risk Capital Adequacy 
Control, the Group Market 
& Counterparty Risk, the Group Operational and Non-financial Risks, the Group Model Validation 
& Governance, 
the Group 
Risk Management Strategy 
Planning Operations 
& Sustainability Risk, the 
Risk Analytics and the 
Supervisory Relations & Resolution 
Planning
. 
The 
GCRO 
serves 
as a 
pivotal 
point for 
the 
risk management 
functions. 
Centralization 
ensures 
that 
business targets 
and 
related growth 
are combined with a risk conscious perspective, 
thus ensuring that the approved 
risk appetite is adhered to. 
The 
GCRO 
develops 
and formalises 
the 
Risk Appetite 
Framework 
(RAF), 
defines the 
Risk Appetite 
Statements 
(RAS), 
and 
submits them 
to the 
Board 
Risk Committee 
for 
approval. 
The 
GCRO oversees 
the 
implementation 
of the 
frameworks 
and 
policies for the 
identification, measurement 
and management of risks. 
The GCRO reviews and approves the risk policies before 
their submission for approval to the BRC or to the BoD and oversees 
their implementation thereafter. 
The GCRO reports to the 
BRC deviations from the 
risk policies or potential conflict with the 
approved risk strategy 
and risk appetite. 
The GCRO is responsible to provide to the BRC 
adequate information, so that the Committee can properly assess and advise 
the BoD on the Group’s risk 
exposures / profile and 
risk strategy. The GCRO oversees compliance with approved Risk Appetite 
limits, and reports to the BRC the compliance status and any deviations, 
as stipulated in the Risk Appetite Framework 
(RAF). 
Eurobank 
has 
a 
well-established 
strategy 
and 
clear 
risk 
management 
objectives 
that 
has 
to 
deliver 
through 
core 
risk 
management processes and 
methodologies. At a strategic 
level, the risk management 
objectives are to: 
●
identify the new risks relevant 
to the Group and assess their 
materiality 
●
assess the current 
and emerging risks as an integral part of the 
strategic planning process 
17
 
The Supervisory Relations & Resolution Planning has a dual reporting line to both the Group CRO & the Group CFO 

 
 
 
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●
provide opinion for 
the Group Business Plan 
regarding the risk perspective 
on the overall 
outcome and reliability of 
the Plan 
●
ensure that business plan is consistent with Eurobank’s 
risk appetite 
●
participate actively in decision-making processes 
to ensure that risk considerations 
are considered appropriately 
●
optimize risk/return decisions, while establishing strong and 
independent review 
●
ensure that business growth 
plans are properly supported by effective 
risk infrastructure 
●
manage risk profile to ensure that specific financial deliverables 
remain possible under a range of adverse 
business 
conditions 
●
assist senior executives to improve 
the control 
and co-ordination of risk taking across their 
business 
●
cultivate 
a 
robust 
risk 
culture 
throughout 
the 
Bank, 
encouraging 
a 
positive 
attitude 
towards 
risk 
management, 
regulatory compliance and 
the internal 
control framework, 
through strong 
risk awareness and ownership, 
where all 
staff members consider 
risk management as an integral part of their 
everyday responsibilities 
●
provide 
the 
framework, 
procedures 
and guidance 
to enable 
all employees 
to manage 
risk in 
their 
own areas 
and 
improve the 
control and co-ordination 
of risk taking across the Bank 
●
advise and support Eurobank Holdings in risk 
management according to the 
agreed Service Level 
Agreement (SLA) 
between Eurobank Holdings 
and Eurobank. 
Risk 
Management 
along 
with 
Compliance 
and 
other 
Units 
are 
involved 
in 
the 
assessment 
of 
all 
products 
and 
services 
throughout their 
lifecycle. 
The Group 
applies the elements of the Three 
Lines of Defence Model for the 
management of risk. The Three 
Lines of Defence 
Model 
enhances 
risk 
management 
and 
control 
by 
clarifying 
roles 
and 
responsibilities 
within 
the 
organization. 
Under 
the 
oversight 
and 
direction 
of 
the 
Management 
Body, 
three 
separate 
lines 
of 
defence 
are 
necessary 
for 
effective 
risk 
management. In particular: 
-
Line 
1 
- 
Own 
and 
manage 
risk 
and 
controls. 
The 
front-line 
business 
and 
operations 
are 
accountable 
for 
this 
responsibility as they own the 
rewards and are the 
primary risk generators. 
-
Line 2 - 
Monitor risk and 
controls 
in support of 
Executive Management, 
providing 
oversight, 
challenge, advice 
and 
group-wide direction. These 
include the Risk Management and Compliance Units, among others. 
-
Line 3 
- Provide 
independent assurance 
to the 
Board and 
Executive 
Management concerning 
the 
effectiveness 
of 
risk and control management. This 
refers to Internal Audit. 
8.3
Compliance 
8.3.1
Eurobank Holdings 
Eurobank 
Holdings 
Compliance 
is 
established 
with 
the 
approval 
of 
the 
Board 
of 
Directors 
and 
the 
Audit 
Committee 
of 
Eurobank Holdings. It is a permanent 
function and independent from Eurobank 
Holdings’ business activities so that conflicts 
of interests are 
avoided. In order 
to safeguard 
its independence, Eurobank 
Holdings Compliance 
reports functionally 
to the 
Audit Committee of Eurobank 
Holdings
and for administrative 
purposes to the 
CEO
. The Audit 
Committee in consultation 
with the 
NomCo, proposes 
to the 
Board for 
approval 
the 
appointment, replacement 
or dismissal 
of the 
Head of 
Eurobank 
Holdings Compliance. The performance 
of the Head of Eurobank Holdings Compliance 
is assessed on an annual basis by the 
AC. 
The 
Head 
of 
Compliance 
attends 
all 
AC 
meetings 
and 
submits 
quarterly 
and 
annually 
reports 
(per 
regulatory 
requirements) summarizing Compliance’s 
activity and highlighting the main compliance issues. 
Its 
mission 
is 
to 
promote, 
within 
Eurobank 
Holdings, 
an 
organizational 
culture 
that 
encourages 
ethical 
conduct, 
and 
a 
commitment to compliance with laws and regulations 
as well as global governance 
standards. 
The 
main 
objective 
of 
Eurobank 
Holdings 
Compliance 
is 
to 
ensure 
that 
Eurobank 
Holdings 
has 
established 
an 
adequate 
system of 
internal controls 
that allows 
it to 
operate 
in accordance 
with the 
ethical 
set of 
values contained 
in its 
"Code of 
Conduct 
and 
Ethics" 
and 
in 
compliance 
with 
applicable 
laws, 
regulations 
and 
internal 
policies. 
More 
specifically, 
for 
the 
regulatory topics within its scope of responsibilities, Eurobank 
Holdings Compliance is mandated to: 
●
raise compliance awareness 
in Eurobank Holdings 
●
provide 
advice the 
Board of 
Directors and 
Senior Management 
on Eurobank 
Holdings compliance 
with applicable 
laws, rules and standards and keeping them informed 
of related developments 
●
issue, 
as 
necessary, 
policies 
and 
other 
documents, 
in 
order 
to 
provide 
guidance 
to 
staff 
on 
the 
appropriate 
implementation of applicable 
laws, rules and standards as well as to assist the 
business to develop and implement 
regulatory compliant policies and procedures 
●
review new activities and advise on potential 
compliance risks 
●
ensure that staff is adequately 
trained about compliance issues 
18
 
The administrative reporting line to the CEO does not entail any form of oversight over 
Compliance. It is rather intended to facilitate the smooth 
day to day administrative processes 

 
 
 
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19
●
provide 
support 
and 
challenge, 
if 
required, 
the 
business 
line 
management 
regarding 
the 
effectiveness 
of 
the 
compliance risk management activities 
●
monitor 
whether 
staff 
applies 
effectively 
the 
internal 
processes 
and 
procedures 
aimed 
at 
achieving 
regulatory 
compliance 
●
monitor through appropriate 
procedures 
staff adherence 
to internal policies and the 
"Code of Conduct and Ethics" 
and identify fraudulent activity 
●
monitor 
timely 
submission 
of 
reports 
to 
Competent 
Authorities 
and 
report 
any 
delays 
and 
fines 
for 
any 
alleged 
breaches of regulations to the 
AC 
●
fulfil any statutory responsibilities and liaise with regulators 
and external bodies on compliance issues. 
8.3.2
Eurobank 
Group Compliance 
is established with 
the approval 
of the 
Board of 
Directors and 
the Audit 
Committee of Eurobank. 
It is a 
permanent function 
and independent from 
the Bank’s 
business activities 
so that 
conflicts of interests 
are avoided. 
In order 
to safeguard 
its independence, Group 
Compliance reports functionally 
to the 
Board of Directors 
through Audit 
Committee 
of the Bank 
and for administrative 
purposes 
to the CEO. 
The Audit Committee 
in consultation with 
the NomCo 
proposes 
to the Board 
for approval 
the appointment, 
replacement or 
dismissal of the 
Group Chief 
Compliance Officer 
(Group CCO). 
The performance 
of the Group CCO is assessed on an annual basis by the AC. The Group CCO attends all Audit Committee’s 
meetings and submits quarterly and annual reports (per regulatory 
requirements) summarising Group 
Compliance’s activity 
and highlighting the main compliance issues. 
Its mission is 
to promote, 
within Eurobank 
and its subsidiaries 
(Eurobank group), 
an organizational 
culture that 
encourages 
ethical conduct through 
integrity and a commitment 
to compliance with 
laws and regulations 
as well 
as the application 
of 
international governance 
standards. 
The 
main 
objective 
of 
Group 
Compliance 
is 
to 
ensure 
that 
the 
Eurobank 
group 
has 
established 
an 
adequate 
system 
of 
internal controls that allows 
it to operate in accordance 
with the ethical set of values contained in its “Code of Conduct and 
Ethics” and 
in compliance 
with applicable 
laws, regulations 
and internal 
policies, as 
well as 
international 
best practices. 
In 
brief, for the 
regulatory topics within its scope of responsibilities, Group 
Compliance is mandated to: 
●
raise compliance awareness 
throughout the Eurobank 
group, 
●
provide 
advice to 
the 
Board of 
Directors 
and Senior 
Management on 
compliance 
with applicable 
laws, rules 
and 
standards and keep them informed 
of related developments, 
●
issue policies, procedures and other documents such as compliance manuals, internal codes of conduct & ethics and 
practice guidelines in order to provide guidance to 
staff on the appropriate implementation of applicable laws, rules 
and 
standards 
as 
well 
as 
to 
assist 
the 
business 
to 
develop 
and 
implement 
regulatory 
compliant 
policies 
and 
procedures, 
●
review new activities and advise on potential 
compliance risks, 
●
ensure 
that 
staff 
is 
adequately 
trained 
and 
frequently 
updated 
about 
compliance 
issues 
by 
designing 
training 
programs and co-operating 
with HR for their 
implementation, 
●
ensure the development 
of a robust compliance risk identification 
and assessment framework, 
provide support and 
challenge, if required, the 
business line management 
regarding the effectiveness of the compliance risk 
management 
activities, 
●
coordinate compliance risk management actions 
performed 
by other business 
units, 
●
monitor 
and 
test 
whether 
staff 
applies 
effectively 
the 
internal 
processes 
and 
procedures 
aimed 
at 
achieving 
regulatory 
compliance 
and report 
to the 
relevant 
Business Units 
any potential 
breaches 
in order 
for 
the 
latter 
to 
proceed with the 
required improvem 
ents, 
●
monitor staff 
adherence 
to internal policies 
and the 
"Code of Conduct 
and Ethics" and 
identify potential 
breaches 
or fraudulent activity, 
●
monitor 
timely 
submission 
of 
reports 
to 
Competent 
Authorities 
and 
report 
any 
delays 
and 
fines 
for 
any 
alleged 
breaches of regulations to the 
AC, 
●
fulfil any statutory responsibilities and liaise with regulators 
and external bodies on compliance issues, 
●
supervise, 
monitor, 
coordinate 
and 
evaluate 
the 
activities 
of 
the 
Compliance 
Officers 
of 
the 
Bank’s 
local 
and 
international subsidiaries in order 
to ensure compliance with Eurobank 
group standards. 
The scope of activities of Group 
Compliance covers the 
following core 
regulatory topics: 
●
Financial Crime 
including laws 
and regulations 
on Anti 
Money Laundering 
(AML) and 
Countering 
the 
Financing of 
Terrorism 
(CFT) 
and legislation 
aimed 
at 
combatting 
Tax 
evasion 
such 
as FATCA 
and 
CRS 
(tax compliance). 
The 
scope 
includes 
the 
provision 
of 
timely 
and 
accurate 
responses 
to 
requests 
arising 
from 
regulatory 
and 
judicial 
authorities for 
the lifting of 
banking secrecy or 
freezing of assets and co-operation 
with them. 
Financial Crime also 
19
 
The administrative reporting line to the CEO does not entail any form of oversight over 
Group Compliance. It is rather intended to facilitate the 
smooth day to day administrative processes 

 
 
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includes 
anti
-bribery 
and 
anti-corruption 
legislation. 
The 
Eurobank 
Audit 
Committee 
in 
consultation 
with 
the 
Eurobank NomCo proposes to the Board for approval the appointment, replacement, or dismissal of the Anti-Money 
Laundering Reporting Officer 
of Eurobank, who may be the same 
person as the Group 
CCO, and his/her Deputy 
●
Conduct related regulations, including: 
o
market 
Conduct 
related 
regulation 
regarding 
the 
provision 
of 
investment 
products 
and 
services 
to 
clients 
including 
laws 
and 
regulations 
on 
Market 
Manipulation, 
Insider 
Trading, 
Unlawful 
disclosure 
of 
inside 
information and other 
financial crimes, 
o
Internal Conduct 
and Ethics, 
including monitoring 
adherence 
with the 
Group Code 
of Conduct and 
Ethics and 
its related policies, Conflicts of Interest, 
insider dealing and manging the Ethics Hotline 
o
customer 
conduct 
laws 
and 
regulations 
(including, 
inter 
alia, 
dormant 
accounts 
legislation, 
BoG’s 
Code 
of 
Conduct for loans, the Payment 
Services Directive 
and the Deposit Guarantee scheme). 
Group 
Compliance 
has 
an 
overlay 
role 
over 
the 
regulatory 
framework 
concerning 
personal 
data 
protection, 
corporate 
governance, prudential regulation 
(credit market, liquidity and operational 
risk), information & IT security, 
cyber security risk, 
outsourcing 
and 
Sustainability 
Framework. 
In 
this 
context 
Group 
Compliance 
performs 
a 
high-level 
monitoring 
through 
compliance risk assessments and monitoring of the 
alignment of the Bank’s activities with regulatory 
requirements. 
The scope of activities can be expanded with the 
approval of the 
AC. 
8.4
Personal Data Protection 
8.4.1
Eurobank Holdings 
In the 
context of Personal 
Data Protection, 
Eurobank Holdings 
has entrusted the 
following 
functions to 
the Bank’s 
Personal 
Data Protection 
Unit with the support of Legal where 
needed: 
●
consultation and advice regarding the 
drafting of privacy notices for the 
customers, employees, shareholders 
of the 
HoldCo and/ or persons with voting 
rights and their representatives 
in the HoldCo meetings and committees, 
●
provision of drafts 
of privacy policies, cookies policies and cookies management 
tool for the 
HoldCo's website, 
●
provision of advice in handling 
requests and complaints of data subjects, 
●
provision 
of 
advice 
for 
incident 
and 
data 
breach 
management 
and 
notifications 
to 
the 
competent 
authority, 
if 
required, 
●
provision of advice on GDPR policies 
and related guidelines. 
8.4.2
Eurobank 
Personal Data Protection 
Unit assists the Data Protection 
Officer (DPO) in performing 
his duties in an independent manner. 
Key tasks include: 
●
issues relevant guidelines on GDPR requirements 
and provides relevant advice 
to involved Units, 
●
provides advice, where requested, for 
the appropriate technical and organizational measures 
to be implemented to 
ensure compliance with the 
principles of privacy by design and privacy by default, 
●
provides advice regarding 
the content of privacy notices, 
●
provides advice on the 
appropriate handling of the 
GDPR requests and/or complaints, 
●
upon request, provides 
advice regarding 
the categorization 
of the 
third parties, 
in accordance 
with the 
GDPR and 
any 
other 
applicable 
data 
protection 
legislation 
(controller/ 
joint 
controller/processor/ 
sub-processor), 
and 
the 
relevant privacy terms to be signed, 
●
provides advice to the Incident Management Team on whether the incident must be reported to the data 
protection 
authority, 
●
provides advice, where 
requested, as regards the performance 
of Data Protection 
Impact Assessments, 
●
provides advice where 
requested as regards the maintenance 
of the Register of Processing 
Activity. 
9
System of Internal Controls 
9.1
Principles of Internal Controls 
The 
Group 
has established 
a robust 
System 
of Internal 
Controls 
that 
aligns with 
international 
best practices 
and 
utilizes 
COSO terminology. 
This system is designed to provide reasonable assurance regarding 
the achievement of objectives 
in key 
categories: 
●
Efficient 
and Effective 
Operations: 
The 
Group's 
internal 
controls 
ensure 
that 
operations 
are 
conducted efficiently 
and effectively, 
promoting productivity and optimal 
resource utilization. 
●
Reliability and Completeness 
of Financial and 
Management Information: Internal controls are in place to ensure that 
financial and management information 
is reliable, accurate, and complete. This 
helps in making informed decisions 
and maintaining transparency. 

 
 
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●
Compliance 
with 
Applicable 
Laws 
and 
Regulations: 
The 
Group 
emphasizes 
compliance 
with 
all 
relevant 
laws, 
regulations, and 
industry standards. Internal 
controls are 
designed to ensure 
adherence 
to legal requirements 
and 
mitigate regulatory risks. 
The key principles 
that underpin the Group’s 
System of Internal Controls are 
as follows: 
●
Control 
Environment: 
The 
control 
environment 
serves 
as 
the 
foundation 
for 
all 
internal 
control 
components. 
It 
includes factors such as management's integrity 
and ethical values, recruitment and training policies, organizational 
structure, 
and 
delegation 
of 
authority. 
These 
elements 
contribute 
to 
a 
strong 
control 
consciousness 
among 
employees. 
●
Risk 
Management: 
The 
Group 
recognizes 
the 
importance 
of 
risk 
management 
in 
its 
operations. 
It 
implements 
mechanisms 
to 
identify, 
assess, 
and 
manage 
risks 
that 
may 
impact 
the 
achievement 
of 
objectives. 
The 
risk 
management framework 
is dynamic and evolves 
to address new and emerging 
risks. 
●
Control Activities: Internal control 
activities are documented in policies and procedures 
that ensure safe operations 
and 
accurate 
record-keeping. 
Segregation 
of 
duties 
is 
a 
crucial 
organizational 
measure 
to 
enhance 
control 
effectiveness, 
ensuring that key functions 
such as approval, dealing, administration, 
and controlling are 
separated. 
●
Information and Communication: 
Effective information 
and communication channels are established to ensure 
that 
relevant 
information 
is 
identified, 
captured, 
and 
communicated 
in 
a 
timely 
manner. 
This 
includes 
internal 
communication 
within 
the 
organization 
and 
external 
communication 
with 
stakeholders 
such 
as 
regulators, 
shareholders, and customers. 
●
Monitoring: 
The 
Group 
conducts 
ongoing 
monitoring 
of 
activities 
as 
part 
of 
its 
operations. 
This 
includes 
regular 
management and supervisory activities, internal audits, and independent evaluations of the internal control system. 
Internal 
control 
deficiencies 
are 
reported 
and 
escalated 
as 
necessary, 
with 
major 
issues 
reported 
to 
top 
management, the Audit Committee, and the 
Board. 
Additionally, 
the 
efficiency 
of 
the 
internal 
control 
system 
is 
independently 
evaluated 
every 
three 
years 
by 
a 
third-party 
auditing firm, in accordance with regulatory requirements. 
The evaluation report 
is assessed by competent bodies within the 
Group and submitted to regulatory authorities for 
review and acknowledgment. 
9.2
Characteristics of the System of Internal Controls 
(SIC) 
HoldCo and Eurobank have established key characteristics of their System of Internal Controls (SIC), which are indicative and 
not restrictive. These 
characteristics include: 
●
Code of 
Conduct: There 
is a 
defined Code 
of Conduct 
along with 
processes 
for 
monitoring its 
implementation 
to 
ensure ethical conduct and adherence 
to standards. 
●
Organizational 
Chart: An approved 
organizational chart 
is in place, 
depicting the 
hierarchy 
and functions 
of each 
sector/department clearly defined to ensure effective 
management. 
●
Audit Committee: The composition and function 
of the Audit Committee are outlined to oversee 
financial reporting 
and compliance. 
●
Strategic 
Planning: 
A 
description 
of 
strategic 
planning 
processes 
is 
provided, 
including 
development, 
implementation, and periodic 
evaluation of strategic objectives. 
●
Action Plans: Long-term 
and short-term action 
plans for 
important activities are 
established, with 
periodic reports 
and identification of deviations 
along with justifications. 
●
Articles 
of 
Association: 
The 
Articles 
of 
Association 
are 
complete 
and 
up-to-date, 
reflecting 
the 
objectives 
and 
operations of the 
entity. 
●
Directorates and Departments: Tasks of directorates, departments, and job 
descriptions are defined to 
ensure clarity 
in roles and responsibilities. 
●
Policies 
and 
Procedures: 
Policies 
and 
procedures 
for 
important 
operations 
are 
documented, 
including 
internal 
controls for 
risk management. 
●
Compliance 
Processes: 
Processes 
for 
compliance 
with legal 
and regulatory 
frameworks 
are 
established to 
ensure 
adherence to laws and regulations. 
●
Risk Assessment 
and Management: 
Processes 
for 
risk assessment 
and 
management 
are 
in place 
to identify 
and 
mitigate risks effectively. 
●
Financial 
Information 
Integrity: 
Processes 
ensure 
the 
integrity 
and 
reliability 
of 
financial 
information 
through 
accurate reporting and controls. 
●
Executive 
Performance 
Evaluation: 
Processes 
for 
recruitment, 
training, 
delegation, 
targeting, 
and 
evaluation 
of 
executive performance 
are outlined. 
●
Information 
Systems 
Security: 
Processes 
for 
the 
security, 
adequacy, 
and 
reliability 
of 
information 
systems 
are 
established to safeguard data. 
●
Personnel 
and Asset 
Protection: 
Processes 
are 
in place 
to safeguard 
personnel 
and assets, 
ensuring security 
and 
protection. 

 
 
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●
Reporting and 
Communication: 
Reporting lines 
and communication 
channels within 
and outside 
the organization 
are described for effective 
information flow. 
●
Monitoring 
and 
Evaluation: 
Mechanisms 
are 
established 
for 
monitoring 
and 
evaluating 
the 
efficiency 
and 
effectiveness 
of processes regularly. 
●
Independent Evaluation: There 
is a process 
for periodic 
evaluation of the 
adequacy and efficiency 
of the SIC 
by an 
independent auditor to ensure objectivity. 
●
Environmental 
Policies: 
Policies 
for 
environmental 
management 
and 
other 
ESG 
factors 
are 
recorded 
to 
address 
sustainability and social responsibility. 
●
These policies and procedures are part of 
the corporate governance system's assessment and are regularly reviewed 
and updated to align with best practices and regulatory 
requirements. 
9.3
Evaluation of the System of Internal Controls 
The Bank's AC is responsible for annually reviewing and evaluating the adequacy of the Internal Control 
System (ICS) of both 
the Bank and its subsidiaries. 
This evaluation 
is based on data and information 
provided by 
the Group 
Internal Audit (IA) of 
the Bank, external auditors' findings and remarks, 
as well as feedback from 
supervisory authorities. The 
AC utilizes oversight 
and reporting 
mechanisms 
established 
with 
the 
Audit 
Committees 
of the 
Bank's Subsidiaries 
to ensure 
a comprehensive 
assessment. 
Similarly, the 
HoldCo's AC is 
tasked with reviewing 
and evaluating the 
adequacy of the 
Internal Control 
System (ICS) of the 
HoldCo itself. This evaluation is conducted based on 
relevant data and information from the Internal Audit (IA) of the HoldCo, 
findings 
and 
remarks 
from 
external 
auditors, 
and 
feedback 
from 
supervisory 
authorities. 
The 
AC 
ensures 
a 
thorough 
assessment of the HoldCo's ICS to uphold 
standards of governance 
and compliance. 
9.4
Independent Evaluation of the HoldCo/Bank 
System of Internal Controls 
In March 2024, Grant Thornton 
presented the scope, findings, and methodology 
of their Independent triennial Evaluation 
of 
the 
HoldCo/Bank 
System 
of 
Internal 
Controls 
(SIC) 
to 
the 
HoldCo/Bank 
AC 
members, 
as 
per 
the 
Bank 
of 
Greece 
Act 
2577/9.3.2006 (BoG Act). 
Based 
on 
the 
procedures 
conducted 
and 
the 
evidence 
gathered, 
there 
were 
no 
indications 
that 
the 
SIC, 
at 
the 
time 
of 
assessment, was not compliant in all material aspects with 
the requirements 
of the BoG Act. 
Grant Thornton 
identified 21 observations 
during their 
assessment, categorized 
as 16 low-risk 
observations 
and 5 medium-
risk observation 
related 
to the 
IT issues 
in Eurobank 
Equities, and 
7 recommendations 
for 
improvement. 
Management 
will 
take appropriate actions 
in response to these observations. 
9.5
Corporate Governance 
System Assessment in accordance with 
article 4 par. 1 of Law 4706/2020 
In compliance with 
Article 4, Paragraph 
1 of Law 4706/2020 
(the Law), 
the HoldCo 
and Bank Boards of 
Directors (BoDs) are 
responsible 
for 
designating and 
overseeing 
the 
implementation 
of the 
corporate 
governance 
system (CGS) 
as outlined 
in 
Articles 1 to 
24 of the 
Law. 
Additionally, 
the BoDs 
must monitor and 
evaluate the 
application and 
effectiveness 
of the 
CGS 
at least every three 
(3) financial years, taking necessary actions to address any deficiencies. 
Given that the Law came into force on 17.7.2021, 
the Hellenic Capital Market Commission (HCMC) specified 
that the maximum 
reporting period for 
the first CGS review should extend from 
17.7.2021 
to 31.12.2024. It also required that the 
2024 Corporate 
Governance Statement 
include a relevant reference 
to this review. 
In this context, the HoldCo and Bank NomCos reviewed 
the CGS for the reporting 
period and updated the HoldCo and Bank 
BoDs accordingly. The 
review concluded that HoldCo and Bank have taken all necessary actions to fully comply with the Law, 
as no gaps were identified. 
Furthermore, 
in 
line 
with 
supporting 
work 
related 
to 
the 
Corporate 
Governance 
Framework, 
performed 
both 
by 
external 
parties 
and 
internally, 
HoldCo 
and 
Bank 
have 
taken 
proactive 
measures 
to exceed 
the 
Law’s 
provisions, 
enhancing 
their 
processes and practices for more efficient 
governance. In this regard, HoldCo and Bank have effectively 
addressed identified 
issues and implemented recommendations 
for improvement 
provided by 
external parties, including 
regulators and external 
advisors. 
10
Sustainability 
10.1
Sustainability Approach 
Eurobank 
supports the 
transition 
towards 
a sustainable 
economy 
and considers 
sustainability and 
climate 
change as 
an 
opportunity. A key strategic 
objective is to adapt the Bank’s business and operation in a way that addresses climate change 
challenges, 
accommodates 
social 
needs 
within 
its 
business 
model 
and 
safeguards 
prudent 
governance 
for 
itself 
and 
its 
counterparties, 
in 
accordance 
with 
supervisory 
initiatives, 
and 
following 
international 
standards 
and 
best 
practice. 
The 
Bank’s commitment 
to address 
climate change 
is expressed 
through quantified 
objectives, 
such as its 
detailed action 
plan 
to align its operations, lending and investment 
portfolios to reach 
Net Zero by 2050. 
Eurobank 
has expressed 
the 
sustainability aspect 
of its 
business through 
the 
lens of 
Impact generation. 
The 
Sustainability 
Strategy 
has 
been 
defined 
in 
a 
holistic 
approach 
across 
two 
pillars 
of 
impact: 
the 
operational 
impact 
arising 
from 
its 

 
 
 
 
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operational 
activities and 
footprint, 
and the 
financed 
impact resulting 
from 
the 
Bank’s lending 
and investing 
activities to 
specific 
sectors 
and 
clients. 
These 
two 
pillars 
of 
impact 
aim 
to 
capture 
the 
essence 
of 
the 
Bank’s 
business 
effect 
on 
the 
climate, the protection 
of the natural environment, 
its contribution to addressing societal challenges at large, the prosperity 
of its 
own 
people, 
its contribution 
to raising 
business 
capacity 
in the 
markets 
where 
the 
Bank operates, 
and the 
internal 
processes that build and secure 
the confidence of its stakeholders. 
Eurobank has designed, approved 
and currently implements the 
Sustainability Strategy including targets and commitments 
along the two key pillars: 
A. Operational Impact Strategy 
The 
Operational 
Impact 
Strategy 
defines 
the 
Bank’s 
operational 
sustainability 
priorities 
and 
objectives, 
and 
is 
deployed 
along three strategic pillars, each of which is supported by 
a specific objective, commitments and targets: 
●
Environmental 
Impact: 
Minimising 
negative 
impact 
in 
its 
operations 
to 
promote 
environmental 
stewardship 
and 
attain climate neutrality. 
●
Societal Impact: Providing a diverse and inclusive environment 
for its people and clients, while fostering sustainable 
development and prosperity 
for the benefit of society. 
●
Governance 
and Business Impact: Focusing 
on building ESG awareness, 
internally and across 
its value chain, while 
intensifying its efforts for 
ethics and transparency 
B. Financed Impact Strategy 
The Bank’s Financed 
Impact Strategy 
sets targets and commitments 
addressing the 
impact arising from the 
Bank’s lending 
and investing activities to specific sectors and clients and focuses on: 
●
Clients’ engagement and awareness to adapt their 
business so as to address climate change challenges. 
●
Actions for supporting clients in their 
transition efforts 
towards a more sustainable economic environment. 
●
Enablers and tools, such as frameworks 
and products, to underpin sustainable financing. 
●
Assessment and management of sustainability material 
exposures and risks. 
10.2
Sustainability Policies & Frameworks 
Eurobank has 
taken action 
towards updating 
its Sustainability Policy 
Framework, 
to outline the 
approach for 
adherence 
to 
applicable regulatory 
requirements 
and voluntary 
initiatives 
as well 
as adopted standards 
and guidelines, 
thus enabling 
a 
contemporary 
and 
continuously 
updated 
approach 
towards 
Sustainability, 
in 
line 
with 
international 
best 
practice. 
The 
Sustainability 
Policy 
Framework 
sets 
the 
foundation 
towards 
the 
integration 
of 
Sustainability 
principles 
into 
Eurobank’s 
business model and operations. 
Focusing 
on the social 
aspect of Sustainability, 
Eurobank has 
taken actions 
that outline 
its corporate 
values, principles and 
commitments by issuing the 
Human Rights Statement, the 
Diversity, Equity 
and Inclusion Policy as well 
as the Policy 
against 
Harassment and Violence in Workplace. In order to further enhance its 
efforts against Harassment and Violence in Workplace, 
the 
Bank has 
introduced 
a relevant 
focused 
training 
program 
to all 
employees. 
This 
approach 
outlines 
zero-tolerance 
for 
various 
types 
of 
violation 
and 
discrimination 
as 
well 
as 
for 
the 
equal 
opportunities 
with 
fairness 
and 
meritocracy 
and 
irrespective of gender, nationality, 
age or other traits throughout the entire employee life cycle (i.e. recruitment and selection, 
learning, performance, 
talent and career development, 
reward management). 
Moreover, 
Eurobank 
has 
developed 
and 
implements 
three 
guiding 
frameworks, 
defining 
the 
approach 
and 
criteria 
for 
classifying its financing and investing activities as sustainable: 
●
its 
Sustainable 
Finance 
Framework 
(SFF), 
which 
supports 
the 
identification 
of 
sustainable/green 
financing 
opportunities 
and 
provides 
a 
clear 
and 
comprehensive 
methodology 
for 
classifying, 
monitoring 
and 
reporting 
sustainable financing. 
●
its Green 
Bond Framework. 
The 
Framework, 
which has 
been 
externally 
reviewed 
by 
an established 
second-party 
opinion provider, 
facilitates 
the 
financing of 
projects 
that 
will deliver 
environmental 
benefits to 
the 
economy and 
support Bank’s business strategy and vision, 
●
its 
Sustainable 
Investment 
Framework, 
which 
describes 
the 
Bank’s 
potential 
sustainable 
investment 
approaches/strategies 
and 
the 
process 
for 
selection 
of 
eligible 
investments, 
based 
on 
criteria 
observed 
in 
international market practices, 
frameworks 
and guidelines. 
The above-mentioned 
frameworks 
enable the Bank to pursue economic growth 
in line with sustainable criteria. 
These 
frameworks 
are 
complemented 
by 
the 
adopted 
Environmental 
Policy, 
Energy 
Management 
Policy 
and 
Water 
Management Policy, 
aiming to protect 
the environment 
in all aspects of 
its operations. 
In line with 
these policies, 
the Bank 
applies certified management systems, in accordance 
with international standards, 
such as an Environmental Management 
System (ISO 14001, EMAS) and an Energy Management System (ISO 50001). 

 
 
 
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10.3
Stakeholders engagement and double materiality 
assessment 
An integral 
part of Eurobank's 
approach to 
Sustainability is 
to foster 
strong relationships 
of trust, cooperation 
and mutual 
benefit with all stakeholders affected 
by its activities, directly or indirectly. 
Eurobank promotes two 
-way communication and 
develops ongoing dialogue with stakeholders, 
to be able to actively meet the expectations, concerns and issues raised by all 
its stakeholders. 
A more 
detailed presentation 
of the 
cooperation 
framework, 
expectations 
and means 
of communication 
and response for each stakeholder 
group is included in the Annual Report 2023 – Business & Sustainability. 
In 
2023, 
Eurobank 
marked 
the 
early 
adoption 
and 
implementation 
of 
the 
Double 
Materiality 
Assessment, 
highlighting 
a 
critical turning 
point in 
its sustainability 
path under 
the new 
European Sustainability 
Reporting Standards 
(ESRS), which 
is 
the key process used to define the Annual 
Report 2023 – 
Business & Sustainability 
content. In this 
context, the Bank identified, 
assessed, prioritized 
and validated the 
Environmental, 
Social and Governance 
(ESG) impacts arising 
from its 
activities and 
also assessed risks and opportunities that 
may have material 
financial influence on Eurobank, 
throughout its value 
chain. In 
this context, Eurobank has adopted a forward 
-thinking approach by incorporating 
the concept of Double Materiality into its 
operational and financed activities. The methodology was 
carried out in 4 
phases, namely i. 
Understanding the organization’s 
context and value chain, ii. Identifying impacts, risks 
and opportunities (IROs), iii. Assessing impacts, risks and 
opportunities, 
and iv. Prioritizing 
and validating material topics and IROs. As per 
the final stage of the double materiality 
and as informed 
by the results of the impact and financial materiality assessment 
process, a list of topics was prioritized as material, which in 
turn formed 
the 
basis for 
determining 
the 
contents of 
the 
Annual Report 
2023 – 
Business & 
Sustainability, 
as well 
as the 
disclosures of relevant key 
performance 
indicators. Further 
details regarding the 
aforementioned 
process and its results 
are 
embedded in the Annual Report 2023 – Business & Sustainability. 
Governance 
Sustainability 
at 
Eurobank 
is 
deployed 
across 
a 
Governance 
structure 
that 
addresses 
both 
regulatory 
requirements 
and 
voluntary 
commitments. 
Board 
oversight 
with respect 
to the 
Sustainability Strategy 
is addressed 
through 
the 
inclusion 
of 
sustainability items in the Board Meetings agenda, as per international best practice. The 
Group applies the elements of the 
Three Lines of Defense 
(3LoD) model for the 
management of Sustainability risks and aspects. The 
3LoD model enhances risk 
management 
and 
control 
by 
clarifying 
roles 
and 
responsibilities 
within 
the 
organization. 
Eurobank’s 
Sustainability 
Governance model 
ensures that the management 
of relevant Sustainability risks is integrated 
into the Bank’s Three 
Lines of 
Defense. 
Additionally, 
the 
Group 
Senior 
Sustainability 
Officer 
(GSSO) 
plays 
a 
key 
role 
in 
leading 
and 
coordinating 
the 
Group’s 
sustainability initiatives, 
reporting directly to 
the senior 
management and Board 
for sustainability matters 
and the 
Group 
Sustainability 
Coordination 
Office 
serves 
as 
the 
Secretary 
of 
the 
Sustainability 
Management 
Committee. 
The 
Sustainability Governance 
structure aims 
to further 
enhance effective 
oversight of 
sustainability matters 
at Management 
/ 
Board level, support the 
roll out of its Sustainability Strategy 
and the integration 
of Sustainability risks. 
In that context, 
the Group 
Sustainability Risk (GSR) 
is responsible for 
managing and monitoring Sustainability 
risks, for 
the 
implementation of the 
Climate related and Environmental 
risks roadmap, designing, along with Business 
and Risk Units, the 
Financed Impact Strategy and monitoring 
of its implementation thereof. Moreover, 
the Eurobank Holdings / Eurobank Boards 
have 
assigned an 
executive 
member 
as the 
responsible 
Board Member 
for 
climate and 
environmental 
risks
. This 
member 
provides 
updates to 
the 
Board 
Risk Committees 
(BRC) at 
least semi-annually. 
As outlined 
in their 
Terms 
of Reference, 
the 
BRC is responsible for overseeing 
(among others) sustainability issues, including sustainability risks. 
A 
dedicated 
Sustainability 
Management 
Committee 
(SMC) 
complements 
the 
Sustainability 
Governance 
model. 
The 
SMC 
provides strategic 
direction on sustainability 
initiatives, reviews 
the Sustainability Strategy, 
Net Zero 
targets and transition 
plans 
prior 
to 
approval, 
integrates 
the 
elements 
of 
the 
Sustainability 
Strategy 
and 
the 
Net 
Zero 
commitments, 
into 
Eurobank’s 
business 
model 
and 
operations, 
approves 
changes 
in 
eligible 
assets 
of 
Green 
Bond 
and 
Sustainable 
Finance 
Frameworks, 
regularly 
measures 
and analyzes 
the 
progress 
of the 
Sustainability Strategy 
goals and 
performance 
targets, 
ensures 
the 
proper 
implementation 
of 
Sustainability-related 
policies 
and 
procedures, 
in 
accordance 
with 
supervisory 
requirements and voluntary 
commitments. 
A dedicated 
Group Sustainability 
Unit (GSU) 
is responsible 
for 
managing and 
coordinating 
sustainability strategy 
related 
issues, for the development of action plans 
for the Bank's Net Zero portfolio strategies, as well as for monitoring 
sustainability 
performance 
and coordinating 
sustainability-linked 
activities that 
enhance 
the 
Group’s 
Impact. In 
this context, 
the 
Unit is 
responsible for 
facilitating the 
development 
of the 
Sustainability data 
framework 
to coordinate 
and prepare 
external and 
internal 
Sustainability-related 
reports. 
Finally, 
Group 
Sustainability 
Risk 
is 
responsible 
for 
managing 
and 
monitoring 
sustainability risks, 
for 
acting as 
a PMO 
office 
for 
implementing the 
sustainability risks 
roadmap, 
and for 
designing, along 
with the GSU and Business Units, and monitoring the 
Financed Impact Strategy. 
10.4
Reporting and Transparency 
HoldCo/Bank 
issues 
its 
Annual 
Report 
– 
Business 
& 
Sustainability 
with 
a 
view 
to 
fully 
inform 
its 
stakeholders 
about 
its 
performance 
in 
the 
sustainable 
development 
pillars 
(economy, 
society, 
environment). 
The 
publication 
is 
prepared 
in 
accordance with the Global Reporting Initiative (GRI) Standards (2021), applying the reporting principles (accuracy, balance, 
clarity, 
comparability, 
completeness, 
sustainability 
context, 
timeliness, 
verifiability). 
This 
reporting 
approach 
aims 
at 
providing comprehensive 
and transparent information 
to stakeholders, relates 
to Eurobank’s response to their 
expectations 
and interests, and invests in continuously promoting open dialogue with them. 
Through the 
Report, Euroban/HoldCo provide 
full 
disclosure 
on 
sustainability 
impacts 
such 
as 
environmental 
performance, 
energy 
and 
emissions, 
social 
impact 
and 
corporate governance, information regarding the 
Bank’s initiatives, while addressing 
all material stakeholder interests across 

 
 
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the sustainability spectrum. 
The Annual 
Report - Business & 
Sustainability is accessible 
to all interested 
parties through 
the 
corporate website. Additionally, 
besides the sustainability reporting frameworks of the 
GRI sectoral supplement on Financial 
Services, the SASB Commercial 
Banks Standard, as well as the Athens 
Stock Exchange (ATHEX) ESG Reporting Guide (2024) 
have been considered, 
while the materiality 
assessment was conducted in 
accordance with 
the ESRS standards. 
This report 
also incorporates the 10 Principles of the United Nations Global Compact (UNGC), as well as the Accountability AA1000 2018 
Principles. The sustainability-related 
disclosures in the report are assured 
by a competent assurance provider 
in accordance 
with the AA1000 Assurance Standard (version 
3) and related Principles for inclusivity, materiality, 
responsiveness and impact, 
as per 
the 
independent 
auditor’s 
Limited Assurance 
Report which 
is disclosed 
as part 
of the 
Annual Report 
– Business 
& 
Sustainability. 
In addition, the 
Holdco/Bank reports 
disclosures as required 
by the 
EU Taxonomy 
(Regulation (EU) 
2020/852 
of 
the 
European 
Parliament 
and 
of 
the 
Council). 
Specifically, 
upon 
reviewing 
its 
business 
activities, 
to 
align 
taxonomy 
reporting with its core activities, provides the key performance 
indicators (KPIs) and other disclosure requirements 
related to 
its dominant financial undertakings as laid down in Article 10 of the Art. 8 Delegated Act. Furthermore, in the context of Pillar 
III disclosures on ESG risks, Holdco/Bank discloses sustainability risk information on a semi-annual basis. Moreover, 
Eurobank 
is publishing its Task Force 
on Climate-related Financial Disclosures (TCFD) Climate - related & Environmental Risk Report on 
an 
annual 
basis. 
Also, 
the 
Bank's 
GHG 
financed 
emissions 
for 
loans, 
bonds 
and 
shares 
positions, 
following 
the 
PCAF 
methodology, 
were disclosed. 
Furthermore, 
the 
Bank’s 
environmental 
and 
energy 
management 
performance, 
with 
respect 
to 
the 
improvement 
of 
its 
operational 
footprint, 
is monitored 
through 
specific indicators 
and associated 
targets 
disclosed also 
in the 
Environmental 
Report (EMAS). This constitutes an environment and energy monitoring and self-improvement tool, in line with commitments, 
regulated by 
applicable standards, 
audited & verified 
by independent 
third party. 
Within 
the EMAS 
Report framework, 
the 
Bank discloses the Green House 
Gas emissions record in 
line with the ISO 14064 
standard, as verified by external 
independent 
party and in line with the provisions 
of the national Climate 
Law. 
Moreover, 
Holdco/Bank actively 
participates in 
internationally 
recognized Sustainability ratings 
to highlight the 
continuous 
improvement 
in 
its 
environmental, 
social 
and 
governance 
performance, 
upgrade 
the 
relevant 
disclosures, 
and 
further 
enhance investor confidence in its practices. 
11
Other information 
required by Directive 
2004/25/EU 
The elements c), d), f), h), and i) of paragraph 1, Article 10 of 
Directive 2004/25/EC of the European Parliament and the Council 
have been 
incorporated 
into elements 
c), d), 
e), g), 
and h) 
of Article 
4, Paragraph 
7 of 
Law 3556/2007. 
These 
elements are 
included 
and referenced 
in the 
Report 
of the 
Directors, 
of which 
the 
present 
Corporate 
Governance 
Statement 
forms 
an 
integral part.

 
 
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SUSTAINABILITY STATEMENT 
Index to the Sustainability Statement ................................ 
................................ 
................................ 
................................ 
................................ 
.............Page 
1. 
General information 
1.1 
Basis for preparation ................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
............. 2 
1.2 
Disclosures in relation to specific circumstances ................................ 
................................ 
................................ 
................................ 
..................... 2 
1.3 
Governance 
................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
. 
2 
1.4 
Strategy - Company, 
business model and stakeholder engagement ................................ 
................................ 
................................ 
......... 12 
1.5 
Materiality analysis and results according to the 
concept of double materiality ................................ 
................................ 
................ 21 
2. 
Environmental information 
2.1 
Disclosures under Article 8 of Regulation (EU) 2020/852 ................................ 
................................ 
................................ 
................................ 
. 
35 
2.2 
Climate change 
................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
...................... 38 
2.3 
Biodiversity and ecosystems ................................ 
................................ 
................................ 
................................ 
................................ 
........................... 58 
2.4 
Integration of sustainability in risk management ................................ 
................................ 
................................ 
................................ 
................ 60 
2.5 
Sustainable financing and investment offerings 
................................ 
................................ 
................................ 
................................ 
.................. 65 
3. 
Social information 
3.1 
Own workforce ................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
........................ 72 
3.2 
Consumers and end-users ................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
88 
3.3 
Fostering innovation ................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
............ 94 
3.4 
Financial inclusion 
................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
................ 
100 
4. 
Governance information 
4.1 
Business conduct 
................................ 
................................ 
................................ 
................................ 
................................ 
................................ 
.................. 106 
4.2 
Data security and customer privacy 
................................ 
................................ 
................................ 
................................ 
................................ 
............ 
112 
APPENDIX – Disclosures under Article 8 of Regulation (EU) 2020/852 ................................................................ 
................................ 
................. 116 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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1 
General Information 
1.1 
Basis for Preparation 
General basis for preparation of sustainability statements [BP-1] 
This sustainability statement for the fiscal year ended 31 December 2024, has been prepared on a consolidated basis. 
The scope of the statement covers the same scope of consolidation as the Financial Statements. 
For the purpose 
of this sustainability statement 
the below definition is 
incorporated: the Eurobank Holdings 
Group (the Group) 
consists mainly of Eurobank S.A. (Eurobank or Bank) and its subsidiaries (the Eurobank or Bank Group). 
This sustainability statement 
covers the upstream 
and downstream value 
chain to the 
following extent: The upstream 
value 
chain includes key suppliers such as those providing IT 
hardware, office supplies, energy, and capital, as well as the regulatory 
and voluntary 
frameworks provided 
by bodies 
like the 
European Central 
Bank (ECB), 
the European 
Banking Authority 
(EBA), 
and the 
Single Resolution Board 
(SRB). The 
downstream 
value 
chain 
includes 
Eurobank's 
corporate 
and 
retail 
clients 
who 
benefit from financing, investment banking, advisory services, and leasing solutions. 
The value chain 
has been 
considered in 
the materiality assessment 
to identify material 
impacts, risks, and 
opportunities by 
evaluating the key activities and stakeholders 
in both the upstream and downstream 
segments, including the environmental 
and social impacts of suppliers and 
customers. Moreover, Eurobank’s policies, actions, and targets extend 
to Eurobank’s value 
chain 
as 
far 
as 
suppliers, 
corporate 
and 
retail 
clients, 
ensuring 
sustainability 
considerations 
are 
integrated 
into 
decision-
making processes for financing, capital 
markets, and real estate. Finally, 
when disclosing metrics, upstream data 
on supplier 
performance and 
downstream data 
related to 
customer engagement 
in sustainable 
financing has 
been considered 
along 
with assessments of Sustainability risks tied to both the upstream and downstream sectors. 
1.2 
Disclosures in relation to specific circumstances 
[BP-2]. 
Eurobank has adopted the 
following 
time-horizons as defined in ESRS 1 : 6.4 Definition of short-, medium 
- 
and long-term for 
reporting purposes: 
●
for 
the 
short-term 
time 
horizon: 
the 
period 
adopted 
by 
the 
undertaking 
as 
the 
reporting 
period 
in 
its 
financial 
statements. 
●
for the medium-term time horizon: from the end of the short-term reporting period defined above up to 5 years; and 
●
for the long-term 
time horizon: more than 5 years.
1.3
Governance 
1.3.1
The role 
of the administrative, 
management and supervisory bodies [ESRS 2 GOV 
-1] 
Eurobank 
Holding’s 
/ 
Eurobank’s 
Board 
of 
Directors 
(BoD) 
is 
comprised 
of 
3 
executive 
members, 
and 
10 
non-executive 
members. 
The 
members 
of 
the 
Board 
of 
Directors 
and 
relevant 
Committees 
possess 
experience 
relevant 
to 
the 
sectors, 
products and geographic locations 
of the undertaking: 
Summary of Board Experience and Skills Matrix 
Name 
Position 
Link to the Board of Directors CVs 
Georgios Zanias 
Chairperson, Non-Executive Director 
Georgios Zanias CV
Fokion 
Karavias 
Chief Executive Officer 
Fokion 
Karavias CV
Kostas Vassiliou 
Deputy Chief Executive Officer 
Kostas Vassiliou 
CV
Stavros Ioannou 
Deputy Chief Executive Officer 
Stavros Ioannou CV
Bradley Paul Martin 
Non-Executive Director 
Bradley Paul Martin CV
Rajeev Kakar 
Non-Executive Independent Director 
Rajeev Kakar CV
Alice Gregoriadi 
Non-Executive Independent Director 
Alice Gregoriadi CV
Jawaid Mirza 
Non-Executive Independent Director 
Jawaid Mirza CV
Rena Rouvitha Panou 
Non-Executive Independent Director 
Rena Rouvitha Panou CV
Cinzia Basile 
Non-Executive Independent Director 
Cinzia Basile CV
Burkhard Eckes 
Non-Executive Independent Director 
Burkhard Eckes CV
John Arthur Hollows 
Non-Executive Independent Director 
John Arthur Hollows CV
Evan Kotsovinos 
Non-Executive Independent Director 
Evan Kotsovinos CV
For more information, 
please refer to Corporate 
Governance Statement 
. 

 
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Board of Directors and Board 
Committees - Eurobank Holdings and Eurobank
Directors 
Board of 
Directors 
Audit 
Committee 
Board Risk 
Committee 
Nomination 
and 
Corporate 
Governance 
Committee 
Remuneration 
Committee 
Board Digital 
and 
Transformation 
Committee 
(1)
Gender 
Nationality 
Georgios 
Zanias 
Chairperson, 
Non-
Executive 
Director 
Member 
Male 
Hellenic 
Fokion 
Karavias 
Chief 
Executive 
Officer 
Male 
Hellenic 
Kostas 
Vassiliou 
Deputy Chief 
Executive 
Officer 
Male 
Hellenic 
Stavros 
Ioannou 
Deputy Chief 
Executive 
Officer 
Member 
Male 
Hellenic 
Bradley Paul 
Martin 
Non-
Executive 
Director 
Male 
Canadian 
Rajeev Kakar 
Non-
Executive 
Independent 
Director 
Member 
Chairperson 
Member 
Male 
Indian 
Alice 
Gregoriadi 
Non-
Executive 
Independent 
Director 
Member 
Member 
Chairperson 
Female 
Hellenic 
Jawaid Mirza 
Non-
Executive 
Independent 
Director 
Vice 
Chairperson 
Member 
Member 
Male 
Canadian 
Rena Rouvitha 
Panou 
Non-
Executive 
Independent 
Director 
Member 
Chairperson 
Member 
Female 
Cypriot 
Cinzia Basile 
Non-
Executive 
Independent 
Director 
Member 
Chairperson 
Member 
Female 
Italian 
Burkhard 
Eckes 
Non-Executive 
Independent 
Director 
Chairperson 
Member 
Member 
Male 
German 
John Arthur 
Hollows 
Non-Executive 
Independent 
Director 
Vice 
Chairperson 
Member 
Member 
Male 
British 
Evan 
Kotsovinos 
Non-Executive 
Independent 
Director 
Member 
Member 
Member 
Male 
Hellenic 
Total Number 
of Members 
13 
5 
5 
4 
5 
5 
(1)
 
Eurobank SA 
As 
presented 
above, 
Eurobank 
Holding’s 
Board 
is 
comprised 
of 
3 
female 
board 
members, 
and 
10 
male 
board 
members. 
Female 
representation 
as mandated 
by the 
Greek Corporate 
Governance 
Law 4706/2020 
is set 
at a 
minimum 25% 
of the 
total board membership. 
In cases of a fraction, the 
percentage is rounded 
to the previous integer. 
For 
a BoD 
comprising 13 
members, 
this translates 
to 3.25, 
which, after 
rounding 
down, 
means at 
least 3 
female 
members. 
Currently, 
Eurobank 
is compliant with 
this requirement, 
as its Board 
includes 3 female 
members: Ms. 
Rena Rouvitha 
Panou, 
Ms. Cinzia Basile, and Ms. Alice Gregoriadi. 
Moreover, 
62% of the 
total BoD members 
are independent. The 
executive BoD members 
are representing 
the employees 
of 
the Group in the 
Board of Directors. 
Sustainability Governance 
Eurobank 
Group has 
established the 
Sustainability Management Committee 
(Sustainability ManCo - 
SMC). The 
purpose of 
the Sustainability ManCo is to: 
●
provide strategic 
direction on sustainability initiatives, 
●
review and approve 
the Sustainability Strategy, 
Net Zero targets and transition 
plans,

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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●
ensure 
that 
the 
elements 
of 
the 
Sustainability 
Strategy 
and 
the 
Net 
Zero 
commitments 
are 
integrated 
into 
the 
Group’s business model & operations, 
●
approve changes in eligible assets of Green 
Bond and Sustainable Finance Frameworks, 
●
regularly measure and analyze the 
progress of the Sustainability Strategy 
goals and performance 
targets, 
●
ensure the proper 
implementation of sustainability-related 
policies and procedures, 
in accordance with 
supervisory requirements and voluntary 
commitments. 
The 
Committee 
includes 
senior 
management 
roles 
such 
as 
the 
Deputy 
CEO, 
Group 
Chief 
Operating 
Officer 
(COO) 
& 
International Activities (Chairperson), 
Deputy CEO, Head of Corporate & Investment 
Banking, Deputy CEO, Head of Retail & 
Digital Banking, Group Chief Risk Officer, 
Group Senior Sustainability Officer, 
Group Chief Financial Officer, 
Group Chief HR 
Officer 
and 
several 
other 
senior 
leaders 
from 
Legal 
Services, 
Strategy, 
Markets, 
International 
Activities, 
Compliance, 
and 
Marketing 
& Corporate 
Communications 
Group 
units. 
The 
Group 
Senior 
Sustainability 
Officer 
(GSSO) 
plays a 
key 
role 
in 
leading and coordinating 
the Group’s 
sustainability initiatives, 
reporting directly 
to the 
senior management 
and Board 
for 
sustainability matters and the Group Sustainability Coordination 
Office serves as the Secretary 
of the Sustainability ManCo. 
Sustainability 
ManCo’s 
responsibilities 
are 
clearly 
outlined 
in 
the 
Terms 
of 
Reference, 
which 
guide 
its 
work, 
including 
approving 
and monitoring 
Sustainability Strategy, 
Net Zero 
commitments, targets, 
action and 
transition 
plans, as 
well 
as 
Sustainability 
Frameworks 
(e.g. 
Green 
Bond 
Framework) 
and 
Policies, 
ensuring 
that 
sustainability-related 
projects 
and 
initiatives align with Sustainability Strategy 
targets, objectives, Net Zero 
commitments and sustainability-related KPIs. 
Sustainability 
at 
Eurobank 
is 
deployed 
across 
a 
Governance 
structure 
that 
addresses 
both 
regulatory 
requirements 
and 
voluntary 
commitments. Board 
oversight, 
with respect 
to the 
Sustainability Strategy, 
is addressed 
through 
the 
inclusion of 
sustainability items in 
the Board 
Meetings agenda, as 
per international 
best practice. 
The Group’s 
Governance 
structure is 
introducing and defining the roles and responsibilities in relation to sustainability risks, embedding 
regulatory guidelines and 
market practices. 
Additionally, 
the 
Group 
applies 
the 
Three 
Lines 
of 
defense 
model, 
which 
clarifies 
the 
roles 
of 
each 
line 
in 
managing 
sustainability risks. This model, 
through structured policies, further delineates duties across each line, ensuring 
that each body 
and individual within the organisation 
has a defined responsibility for managing sustainability impacts, mitigating risks and 
leveraging opportunities within their operational 
scope. The Sustainability Governance structure aims to further enhance the 
effective 
oversight 
of 
sustainability 
matters 
at 
Management/Board 
level, 
through 
direct 
reporting 
lines. 
The 
GSSO 
as 
represented in the 
chart, along with the 
Senior Risk Executive 
Officer, 
co-manages Group Sustainability Risk, 
which involves 
coordinating sustainability efforts and ensuring the 
integration of sustainability principles 
across the organisation. The GSSO 
plays a 
critical 
role 
in embedding 
sustainability into 
the 
Group’s 
strategic 
decision-making, 
ensuring that 
sustainability is 
considered in policies and operational 
strategies. 
Eurobank 
enhanced 
its sustainability 
Governance 
model and 
supported the 
roll 
out of 
its Sustainability 
Strategy 
and the 
integration of sustainability risks. 
Enhanced Governance Structure 
and Committees: 
●
Oversight 
of 
sustainability 
risks 
at 
management 
body 
level 
through 
allocation 
of 
responsibilities 
to 
Board 
and 
management 
committees. 
Specifically, 
Chairman 
of 
the 
SMC 
is 
the 
Deputy 
Chief 
Executive 
Officer, 
Group 
Chief 
Operating Officer 
(Group COO) & International Activities. 
●
A Board Member has been appointed as the overall 
responsible for climate-related 
and environmental risks. 
●
Establishment 
of 
2 
Committees 
that 
supplement 
the 
governance 
arrangements 
on 
sustainability 
risk, 
i.e. 
Sustainability Management Committee and Climate Risk Stress Test 
Committee. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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●
Appointment of Group Senior Sustainability Officer 
to lead the Group’s 
sustainability initiatives. 
Integration of Sustainability Risk Management 
across the 3 lines: 
●
Dedicated 
teams within 
the 
CIB 
and Retail 
Banking Units 
for 
overseeing 
sustainability and 
sustainable financing 
activities. 
●
Automated process established 
to assess and classify sustainable financing opportunities. 
●
Group 
Sustainability 
Unit 
responsible 
for 
managing 
and 
coordinating 
sustainability 
strategy 
related 
issues, 
the 
development 
of 
action 
plans 
for 
the 
Group’s 
Net 
Zero 
portfolio 
strategies, 
as 
well 
as 
monitoring 
sustainability 
performance 
and coordinating sustainability-linked 
activities that enhance 
the Group’s 
Impact. In this 
context, the 
Unit is responsible for facilitating the 
development of the Sustainability data framework 
to coordinate and prepare 
external and internal sustainability-related 
reports. 
●
Group 
Sustainability Risk 
responsible 
for 
managing and 
monitoring 
sustainability 
risks, 
acting as 
PMO 
office 
for 
implementing 
the 
sustainability 
risks 
roadmap 
and 
monitoring 
the 
Sustainability 
Strategy, 
and 
preparing 
and 
maintaining the Bank’s Sustainability risk 
management policies, processes and methodologies, in collaboration with 
the Group Sustainability Unit, Business 
and Risk Units. 
●
Intensive training on sustainability, 
sustainable finance and sustainability risk topics to Group personnel. 
The roles 
and responsibilities of the key governance 
bodies / committees / units-functions are outlined below. 
Supervisory bodies: 
Eurobank Holdings / Eurobank 
Board of Directors (BoDs/Boards) 
Eurobank Holdings 
/ Eurobank 
Boards’ role 
is to offer 
entrepreneurial leadership 
to the Group 
in the context of prudent 
and 
effective 
controls 
facilitating 
the 
assessment 
and 
management 
of 
risks. 
The 
Boards, 
establish 
the 
Group’s 
strategic 
objectives, ensure the 
availability of essential financial and human resources for the 
Group to fulfil its purpose, and evaluate 
management 
performance. 
The 
Boards 
define 
the 
Group’s 
values 
and 
standards, 
ensuring 
that 
its 
responsibilities 
to 
shareholders and others 
are acknowledged and 
fulfilled. All members 
of the Boards 
are required 
to act in the 
best interests 
of the Group, aligning with their legal 
duties. The Eurobank Holdings 
/ Eurobank Boards have assigned an executive 
member 
as the Board Member responsible 
for climate-related 
and environmental risks. As part of its duties, this member 
updates, at 
least on 
a semi-annual 
basis, 
the 
Eurobank 
Holdings / 
Eurobank 
Board 
Risk Committees 
(BRC), which, 
in accordance 
with 
their 
Terms 
of Reference, 
are 
responsible 
for 
overseeing 
(among others) 
the 
sustainability 
risks. 
As per 
international 
best 
practices, 
effective 
Board 
oversight 
with 
respect 
to 
the 
Group’s 
Sustainability 
Strategy 
is 
also 
safeguarded 
through 
the 
regular inclusion of Sustainability items in the agendas of Board 
Meetings. 
Eurobank Holdings / Eurobank 
Board Risk Committee (BRC) 
The Eurobank Holdings / Eurobank Board Risk 
Committee (BRC), among 
others, oversees the implementation of the strategies 
for capital and liquidity management, as well as for all material 
risks of the Group, including sustainability risks, as identified 
through the 
Risk Identification 
and Materiality 
Assessment (RIMA) 
process and 
listed in the 
relevant RIMA 
report, to assess 
their 
adequacy 
against 
the 
approved 
risk 
appetite 
and 
strategy. 
In 
addition, 
the 
BRC 
determines, 
among 
others, 
the 
principles which govern risk management 
(including sustainability risks) across the 
Group in terms of identifying, measuring, 
monitoring, controlling and mitigating risks. To 
this end, the Committee approves 
risk principles, risk policies, risk procedures 
and risk methodologies, 
and the 
Specific Risk 
Management Frameworks 
and policies 
(e.g. Sustainability Risk 
Management 
Policy) 
Audit Committee 
In 
line 
with 
the 
stipulation 
of 
the 
Law 
5164 
(Article 
43),
 
Audit 
Committee 
(AC) 
has 
been 
entrusted 
with 
additional 
responsibilities concerning the 
submission and assurance 
of the Sustainability Statement. 
The Audit Committee 
informs the 
Board of 
Directors about 
the outcome 
of the 
statutory audit 
and the 
assurance 
of the 
sustainability statement. 
It explains 
how these 
processes 
contributed to the 
integrity of the 
financial and sustainability 
information 
and clarifies the 
role 
of the 
Audit Committee during this process 
Management bodies: 
Eurobank Management 
Risk Committee (MRC) 
The 
Eurobank 
Management 
Risk 
Committee 
(MRC) 
is 
responsible 
for 
overseeing 
the 
risk 
management 
framework 
of 
Eurobank. As part of its responsibilities, the MRC facilitates reporting to the BRC on a wide range of risk-related topics under 
its purview, 
including sustainability 
risks. The 
MRC ensures 
that material 
risks are 
identified and promptly 
escalated to 
the 
BRC and 
that the 
necessary policies 
and procedures 
are in 
place to 
prudently manage 
risk and 
to comply 
with regulatory 
requirements. 
Eurobank Sustainability Management 
Committee (Sustainability ManCo-SMC) 
The 
Eurobank 
Sustainability 
ManCo 
provides 
strategic 
direction 
on 
sustainability 
initiatives, 
reviews 
the 
Sustainability 
Strategy, 
Net Zero 
targets and 
transition 
plans prior 
to approval, 
ensures that 
the 
elements of 
the Sustainability 
Strategy 
and the 
Net Zero 
commitments are 
integrated into 
the Group’s 
business model & 
operations, 
approves 
changes in eligible 
assets 
of 
Green 
Bond 
and 
Sustainable 
Finance 
Frameworks, 
regularly 
measures 
and 
analyzes 
the 
progress 
of 
the 

 
 
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Sustainability 
Strategy 
goals 
and 
performance 
targets 
and 
ensures 
the 
proper 
implementation 
of 
sustainability-related 
policies and procedures, in accordance with supervisory requirements 
and voluntary commitments. It is chaired by the Board 
Member responsible for climate 
-related and environmental 
risks. 
Eurobank Climate Risk Stress 
Test Committee (CRSTC) 
The 
Eurobank 
Climate 
Risk 
Stress 
Test 
Committee 
(CRSTC) 
is 
responsible 
for 
designing 
and 
executing 
the 
Group’s 
CRST 
Programme, 
as 
well 
as 
for 
coordinating 
all 
activities 
relating 
to 
Climate 
Risk 
Stress 
Testing, 
including 
risk 
identification, 
scenario design 
and stress 
test execution, 
and reviewing 
and challenging 
the output 
at each 
stage of 
the 
process 
prior to 
escalating to the Executive 
Board. 
Administrative bodies: 
Group Senior Sustainability Officer 
(GSSO) 
The 
Group 
Senior 
Sustainability 
Officer 
(GSSO) 
is 
responsible 
for 
leading 
and 
coordinating 
the 
Group’s 
sustainability 
initiatives, for both Operational and Financed Impact. GSSO 
manages the Group Sustainability, co-manages, as 
a secondary 
reporting line, 
along with 
the Senior 
Risk Executive 
Officer 
the Group 
Sustainability Risk, 
coordinates Sustainability 
Center 
of Excellence of 
CIB and Retail and oversees 
the sustainability programs 
of international 
subsidiaries. The role 
of the GSSO 
is to foster 
a deep understanding 
of sustainability principles 
and practices 
across the 
organisation by 
building a culture 
of 
sustainability 
and 
collaborating 
together 
with 
senior 
management 
to 
embed 
sustainability 
into 
the 
Group’s 
strategic 
decision-making processes. GSSO secures and allocates resources effectively 
to support the Group’s sustainability initiatives 
and advocates 
for 
necessary 
investments 
in sustainability 
projects 
and technologies. 
GSSO serves 
as the 
liaison between 
the 
Group 
and Market/External 
Stakeholders, 
closely monitoring 
industry trends, 
regulatory 
changes and 
best practices 
in 
sustainability and ensuring that the Group 
remains at the forefront 
of sustainability innovation and compliance. 
Group Sustainability Unit 
The 
Group 
Sustainability Unit 
acts as 
a custodian 
of Sustainability 
Principles and 
Culture to 
enhance the 
Group’s 
Impact, 
and 
as 
a 
cross-functional 
coordinator 
to 
ensure 
alignment 
on 
sustainability 
issues 
and 
interdependencies, 
as 
well 
as 
compliance 
with 
relevant 
existing and 
upcoming 
regulations. 
Specifically, 
the 
Group 
Sustainability 
Unit 
is responsible 
for 
managing 
and 
coordinating 
sustainability 
strategy 
related 
issues, 
ensuring 
alignment 
of 
subsidiaries' 
programs 
with 
the 
Group's 
overall 
sustainability 
strategy 
and 
goals, 
supporting 
their 
implementation 
efforts. 
The 
Group 
Sustainability 
Unit 
coordinates 
the 
development 
of 
action 
plans 
for 
the 
Group’s 
Net 
Zero 
portfolio 
strategies 
and 
ensures 
the 
aligned 
development of corresponding plans for subsidiaries. It directs the actions of the Bank's units and subsidiaries 
on sustainable 
financing matters and provides advisory support on broader sustainability issues. The Unit facilitates the development of the 
Sustainability data framework and promotes sustainability knowledge and culture. Furthermore, it coordinates and prepares 
external and internal sustainability-related reports 
in line with 
applicable standards/regulations, in cooperation with involved 
subject-matter 
responsible 
Units, 
while 
it 
is 
responsible 
for 
the 
UNEP 
FI 
PRB 
implementation. 
Being 
responsible 
for 
the 
oversight of the Bank’s overall 
sustainability performance, its key roles 
include the centralized management of Sustainability 
Ratings, 
seeking 
continuous 
improvement 
in 
related 
scores. 
The 
Group 
Sustainability 
Unit 
also 
manages 
the 
ISO 
Management 
Systems under 
the 
related 
provisions 
of equivalent 
policies 
and the 
Sustainability Strategy, 
supporting also 
the 
development 
/ maintenance 
of ISO 
Management Systems 
at Group 
level, 
where 
applicable. It 
collects, calculates 
and 
reviews 
data, 
in 
line 
with 
the 
associated 
certified 
ISO 
Management 
Systems, 
while 
it 
also 
ensures 
implementation 
of 
corresponding initiatives (e.g. operational 
net zero transition, energy 
self-production, energy and emission monitoring, green 
building certifications, recycling 
and circular economy management). 
Business Units 
The Business Units – 
Corporate and Investment Banking, and 
Retail Banking – 
are primarily involved in executing 
all portfolio-
related 
sustainable 
activities, 
including 
the 
implementation 
of 
the 
Financed 
Impact 
Strategy. 
Key 
responsibilities 
are 
classified, inter alia, under the following 
3 main categories: 
1.
Sustainability Strategy 
●
Executing and monitoring financed and specific 
operational 
sustainable goals and performance 
targets in line 
with the Net Zero 
Strategy. 
2.
Sustainable Financing/Funding and Investments 
●
Identifying sustainable financing opportunities and designing relevant solutions 
and sustainable products. 
●
Performing the 
sustainable financing assessment, in line with the 
Sustainable Finance Framework. 
●
Implementing and monitoring the Sustainable Investment 
and Green Bond Frameworks. 
3.
Sustainability Risk Management 
●
Performing the 
overall 
ESG Risk Assessment. 
●
Identifying and implementing mitigation action plans for 
sustainability risks. 
Eurobank has established dedicated functions, namely the Sustainability Center of Excellence (CoE), within the Business Units 
(Corporate 
& Investment 
Banking and 
Retail Banking) 
which are 
responsible for 
assessing, managing 
and monitoring 
risk 
levels 
in all 
risk categories, 
including Sustainability 
risks. 
The 
Head of 
CIB 
Sustainability 
CoE is 
responsible 
for 
overseeing 
sustainable 
financing 
activities, 
while 
two 
Retail 
Banking 
Sustainability 
Coordinators 
(Business 
and 
Individual 
clients 
respectively) are re 
sponsible for organising and supporting sustainable-related 
financing activities. 

 
 
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Group Sustainability Risk (GSR) 
The 
GSR has 
the 
overall 
responsibility 
for 
overseeing, 
monitoring and 
managing sustainability 
risks. More 
specifically, 
the 
GSR 
prepares 
and 
maintains 
the 
Bank’s 
Sustainability 
risk 
management 
policies, 
processes 
and 
methodologies, 
in 
collaboration 
with the 
Group Sustainability Unit 
and the Business 
and Risk Units. In 
addition, it leads the 
development and 
implementation of the 
Sustainability risk-related framework, 
policies and processes, in coordination 
with other 
units, as well 
as acts, monitors and reports 
the progress 
of the implementation 
of the developed 
Climate Risk action 
plan and reports to 
the Board for Sustainability risks matters. The GSR monitors and challenges involved stakeholders 
as to setting the Financed 
Impact Strategy 
(including Net 
Zero 
targets), 
as well 
as monitors 
the 
Financed 
Impact 
Strategy 
(including Net 
Zero) 
and 
reports financial targets 
and KPIs. The 
GSR also leads the 
2nd line independent sustainable 
lending re-assessment process 
against the 
Sustainable 
Finance 
criteria, 
including 
the 
characterization 
of products 
of the 
Retail Portfolio 
as sustainable. 
Reviews 
and confirms 
the 
ESG Risk 
Assessment and 
challenges the 
mitigating actions 
(as per 
pre-determined 
thresholds). 
Furthermore, 
the GSR 
develops and 
maintains the 
Climate Risk 
Stress Testing 
Framework, 
as well 
as the 
Scenario Analysis 
and 
Stress 
Testing 
methodologies, 
and 
coordinates 
the 
performance 
of 
sustainability 
risk 
scenario 
analysis 
and 
relevant 
stress test exercises at Group 
level. 
Group Compliance 
Group Compliance’s key 
roles and responsibilities include: 
1.
Regulatory compliance 
●
Monitors 
the 
regulatory 
environment 
and 
emerging 
trends 
around 
sustainable 
financing 
and 
suggests 
the 
Group of the respective 
changes/enhancements to the relevant 
policies and documents regarding sustainable 
financing offerings. 
●
Issues a regulatory bulletin, which includes regulatory developments 
and their impact on the Bank’s operation. 
●
Monitors 
the 
alignment 
of 
the 
Group’s 
activities 
with 
applicable 
laws, 
rules, 
regulations 
and 
standards, 
including sustainable finance regulatory aspects. 
2.
Compliance risk assessment 
●
Designs appropriate risk assessment methodologies 
for compliance risk. 
●
Establishes a monitoring programme 
for the relevant 
activities within its area of responsibility. 
●
Assesses conduct risk in relation to sustainability financing. 
3.
Policy updates 
●
Maintains the Bank’s conduct-related policies, 
including their sustainability components. 
4.
Product offering 
monitoring 
●
Provides advice and recommends 
controls over 
the Bank’s sustainability product offerings, 
while it also checks 
that 
promotional 
statements 
do 
not 
misrepresent 
products 
or 
services 
offered 
to 
customers, 
through 
its 
participation in the Products 
and Services Committee and related processes. 
Group Internal Audit (Group IA) 
The 
role 
of 
the 
3rd 
line 
within 
Eurobank’s 
governance 
and 
organisational 
structure 
is 
allocated 
to 
the 
Group 
IA, 
for 
the 
independent 
review 
of 
the 
adequacy 
and 
effectiveness 
of 
the 
internal 
control 
system. 
The 
Group 
IA 
mandate 
covers 
all 
processes, 
risks 
and 
mechanisms, 
for 
all 
business 
lines 
and 
internal 
units. 
In 
recent 
years, 
the 
Group 
IA 
has 
recognised 
sustainability internal controls 
and the risk 
management framework 
as areas of focus 
and has taken 
several 
initiatives and 
actions within 
its strategy. 
These 
aim to ensure 
adequate coverage 
of the 
area, in 
line with 
the 
Bank’s strategy, 
as well 
as 
industry and regulatory developments. 
Specifically, the 
Group IA strategically 
focuses on the Sustainability risks, building on the 
following pillars: 
●
Methodology/ Infrastructure
 
– The Management 
of sustainability risks and the 
Bank’s initiatives are recognised 
as 
a 
separate 
auditable 
area, 
subject 
to 
risk 
assessment. 
Furthermore, 
climate-related 
and 
environmental 
risk 
is 
recognised as 
a separate 
risk category, 
assessed in all 
relevant areas 
of the 
audit universe, 
in line 
with the 
Bank’s 
risk 
taxonomy. 
This 
category 
will 
be 
extended 
to 
cover 
the 
entire 
spectrum 
of 
sustainability 
risks, 
in 
line 
with 
respective developments 
in the Bank’s risk definitions. 
●
Resources
 
– 
The 
Group 
IA 
has 
extended 
its 
pool 
of 
professional 
qualifications/ 
certifications 
to 
the 
area 
of 
sustainability, with two staff members certified in Sustainability/ESG and Climate 
Risk through different professional 
bodies to diversify 
relevant expertise 
and with additional 
auditors planned to 
pursue relevant 
industry-recognised 
professional 
body 
certifications 
in 
the 
future. 
This 
comes 
simultaneously 
with 
other 
initiatives 
in 
place, 
aimed 
at 
further upskilling through dedicated training sessions, 
on-the-job upskilling (participation in and consultation on the 
Bank’s 
projects 
and 
initiatives 
around 
sustainability) 
and 
increased 
awareness 
(e.g. 
Group 
IA 
ESG 
Focus 
Group 
focused 
at sharing 
knowledge on 
sustainable practices 
and regulatory 
initiatives). At 
this stage, 
the Group 
IA has 
opted 
to 
embed 
the 
right 
mix 
of 
skills 
and 
knowledge 
within 
its 
existing 
organisational 
structure, 
given 
the 
multifaceted nature of sustainability risks, affecting all businesses and operations 
of the Bank, to a siloed approach, 
aiming at a holistic consideration 
of the Bank’s sustainability risks. 
●
Sustainability
/ Audit Universe Coverage and Audit Planning
 
– Following the infrastructure 
steps described above, 
since 2021, the Group IA has been carrying out several assignments around sustainability, 
along with monitoring the 
Bank’s initiatives in this 
area on a risk-based approach. 
Key areas of focus 
include risk materiality, 
governance 
and 

 
 
 
 
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strategy, 
Sustainability risk management 
framework, 
product design and 
offering, 
reporting disclosures, 
etc. These 
initiatives 
come in 
addition to 
the 
existing coverage 
by Group 
IA in 
sustainability areas, 
such as 
consideration 
of 
AML-perspectives in loan origination (governance 
-social financing practices), review of compliance with the code of 
conduct or market practice codes (governance operational 
and financing practices) and relevant non-recurring and 
forensic audit work. 
For more 
information regarding 
the responsibilities 
for impacts, risks 
and opportunities of the 
administrative, 
management 
and 
supervisory 
bodies, 
please 
refer 
to: 
“1.3.2 
Information 
provided 
to 
and 
sustainability 
matters 
addressed 
by 
the 
undertaking's administrative, management and supervisory bodies 
[GOV-2]” and 
1.5.1 Description of the processes to identify 
and assess material impacts, risks and opportunities [IRO-1]. 
Alignment of the Remuneration 
Policy with the 
Group’s sustainability risks objectives 
The 
Group 
has 
established 
a 
Remuneration 
Policy 
that 
is 
applicable 
to 
all 
Group 
employees 
and 
covers 
their 
total 
remuneration. 
The Remuneration 
Policy forms an integral part of the 
Group’s corporate 
governance practice. 
It is developed 
in accordance 
with its operational 
model, business strategy, 
objectives and long-term 
interests and incorporates 
measures 
to avoid 
conflict of 
interest. The 
Remuneration 
Policy 
promotes sound 
and effective 
risk management. 
It is 
consistent with 
the objectives of the Group’s business 
and risk 
strategy, corporate culture and values, risk 
culture, with regard to 
sustainability 
risk factors, 
including long-term 
interests of 
the Group 
and the 
measures used 
to avoid 
conflicts of interest, 
while it should 
not encourage excessive 
risk-taking on behalf of the Group. It also ensures that remuneration 
practices are aligned with the 
overall 
risk appetite, taking into 
account all risks. 
Moreover 
it includes sustainability 
risks, reputational 
risks, as well 
as risks 
resulting from the 
mis-selling of products. More specifically, 
the Remuneration 
Policy has been designed to: 
●
Be consistent with and to promote sound and effective 
risk management. 
●
Stimulate behaviours consistent with sustainability risks approach. 
●
Comply with the Group’s 
voluntary commitments. 
Its basic principles are to: 
●
Be gender neutral and non-discriminatory in any aspect of its implementation. 
●
Safeguard that remuneration 
is sufficient to retain and attract 
executives with appropriate 
skill and experience. 
●
Monitor that internal equity between all 
Units is applied. 
●
Avoid excessive 
risk-taking, even in the 
case of direct or indirect sustainability risks. 
●
Link remuneration 
with long-term performance. 
The 
Group’s 
sustainability-linked 
remuneration 
integrates 
the 
achievement 
of 
components 
/ 
targets 
of 
the 
Group’s 
Sustainability Strategy, Operational 
and Financed impact, to incentivise management and 
employees to contribute towards 
their achievement. 
Operating model 
The Group 
has identified, assessed and implements relevant action plans addressing 
sustainability risks within the 3 lines. 
Integration of Sustainability Risk 
Management across the 
3 lines 
The Group’s 
Sustainability Governance 
structure introduces 
and defines specific 
roles 
& responsibilities in 
order to 
support 
the roll-out 
of the Sustainability 
Strategy and 
the integration 
of the 
sustainability risks, through 
the involvement 
of various 
key 
stakeholders 
(e.g. 
Business 
& 
Risk 
Units, 
Committees 
etc.) 
across 
the 
three 
Lines 
of 
defense, 
embedding 
regulatory 
guidelines and market practices, 
as follows: 
1st Line: 
Dedicated functions, namely the Sustainability Centers of 
Excellence (CoE), within the Business Units 
(Corporate & Investment 
Banking and Retail 
Banking) are responsible for 
assessing, managing 
and monitoring risk 
levels in all 
risk categories, including 
Sustainability risks. 
The 
Head of 
CIB Sustainability 
CoE is 
responsible 
for 
overseeing 
sustainable financing 
activities, while 
two Retail 
Banking Sustainability 
Coordinators (Business 
and Individual 
clients respectively) 
are responsible 
for 
organising 
and supporting sustainable 
-related financing 
activities. In 
addition, the 
role 
of the 
Group Sustainability 
Unit in the 
1st Line 
includes the 
responsibility for 
managing and coordinating 
sustainability strategy 
related issues, 
the development 
of action 
plans for the Group's Net Zero portfolio strategies, 
the facilitation of the Sustainability data framework 
development, as well 
as Sustainability Reporting, Environmental 
& Energy 
Reporting (EMAS Report, Greenhouse 
Gases Emissions Report 
per ISO 
14064) and Sustainability 
ratings. 
The 1st 
Line, in coordination 
with other 
Units, execute and 
monitor financed, 
and specific 
operational 
sustainable goals 
and performance 
targets based 
on the 
Group’s 
Sustainability Strategy 
and in 
line with 
the 
Net Zero Strategy. 
2nd Line: 
Group Risk Management (GRM) is independent from the Business Units and 
has full responsibility in setting the Risk Strategy 
and Risk Appetite Framework, including Sustainability risks. Within GRM, the dedicated GSR has the overall 
responsibility for 
overseeing, 
monitoring and 
managing Sustainability 
risks in 
cooperation 
with the 
other 
GRM Units, 
as well 
as with 
Group 
Compliance. 

 
 
 
 
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3rd Line: 
The Group Internal Audit (Group IA) independently reviews the adequacy and effectiveness of the internal control 
framework 
in place regarding 
Sustainability risk management, 
following 
a risk-based approach 
in line with 
its Annual Risk Assessment 
and Audit Planning Methodology. 
ESG awareness and capacity building 
Eurobank places a great 
emphasis on building capacity among its employees, so they 
are able to support its clients on their 
sustainability journey 
and their 
green transition. 
To 
this end, in 
addition to launching 
sustainability initiatives 
for its 
clients, 
Eurobank implements an ESG upskilling plan for 
its employees. Eurobank’s ESG awareness 
program regarding 
sustainability 
matters, 
is 
directed 
to 
all 
of 
the 
Group's 
personnel 
- 
employees 
and 
management. 
Additionally, 
the 
Group 
has 
offered 
training to stakeholders 
from all 
3 lines (i.e. business 
units, risk management 
units, Group 
IA) regarding the 
SFF, 
to enhance 
their 
understanding. 
Finally, 
the 
Group 
conducts 
training 
sessions/seminars 
tailored 
to 
its 
supervisory 
and 
management 
bodies, tailored to their specific areas of interes 
t/expertise. 
Specifically, the 
following awareness 
programmes 
are in place: 
Employee ESG awareness training 
modules 
Since 2022, the Group has 
launched “ESG Thinking”, an ESG 
awareness programme for employees, consisting of the following 
modules: 
●
Module 1
 
– ESG 
and World: 
Fundamentals 
of ESG, 
megatrends 
and related 
risk and 
opportunities as 
well 
as the 
importance of ESG within an organisation described 
through business cases. 
●
Module 
2
 
– 
ESG 
and 
the 
Bank: 
Key 
drivers 
of 
ESG, 
its 
impact 
on 
the 
banking 
industry 
and 
the 
ESG 
regulatory 
landscape. The ways in which the 
Bank engages with sustainability through frameworks, 
initiatives and products. 
●
Module 3 
– ESG and Me: Content aiming to cultivate an open and growth mindset when dealing with sustainability 
issues by motivating employees 
to take personal action through 
practical steps personally and professionally. 
Target 
setting 
The 
Board of 
Directors, Board 
Committees, Management 
Committees and 
functions oversee 
the setting 
of targets 
related 
to material 
impacts, risks, 
and opportunities 
through 
a combination 
of strategic 
review, 
decision-making, 
and continuous 
monitoring. 
The 
Sustainability Management 
Committee (Sustainability 
ManCo - 
SMC) plays 
a central 
role 
in this 
process 
by reviewing 
the Sustainability Strategy, 
providing strategic 
direction on sustainability 
initiatives, reviewing 
and approving 
the Net Zero 
targets and transition plans, integrating the elements 
of the Sustainability Strategy and the Net Zero commitments, into the 
Group’s 
business 
model 
& 
operations, 
while 
also 
ensuring 
that 
stakeholder 
interests 
and 
expectations 
are 
met. 
It 
also 
approves 
changes in eligible 
assets of Green 
Bond and Sustainable 
Finance Frameworks, 
regularly measures 
and analyses 
the 
progress 
of 
the 
Sustainability 
Strategy 
goals 
and 
performance 
targets, 
ensure 
the 
proper 
implementation 
of 
Sustainability-related policies and procedures, in accordance with 
supervisory requirements and voluntary commitments. The 
Committee further 
approves 
Sustainability-related reports, 
including the Sustainability 
Statement and Green 
Bond Report, 
among others. 
Additionally, 
the 
Sustainability ManCo 
reviews 
and endorses 
Sustainability-related 
KPIs linked 
to variable 
remuneration 
and 
incentive 
schemes, 
prior 
to 
submission 
to 
the 
Incentive 
Plan 
Committee. 
Through 
this 
oversight, 
the 
Sustainability 
ManCo 
ensures 
the 
continuous 
improvement 
and 
alignment 
of 
Sustainability-related 
ISO 
Management 
Systems, including 
ISO standards 
in the 
environmental 
and energy 
domains, ensuring 
their 
ongoing suitability, 
adequacy, 
and effectiveness. 
Sustainability-related expertise 
The Board 
of Directors, 
Board Committees, 
Management Committees, 
functions and 
involved 
units possess a 
collective set 
of skills and 
expertise that 
are crucial 
for overseeing 
sustainability matters. 
At the 
Board level, 
Sustainability Management 
Committee 
(Sustainability 
ManCo 
- 
SMC) 
and 
senior 
management, 
expertise 
in 
sustainability 
is 
represented 
through 
a 
structured approach 
that integrates 
both in-house knowledge 
and external expertise. 
The SMC provides 
strategic direction 
on Sustainability -related initiatives, aligning them 
with the Group’s 
broader transformation 
plan. The members 
of the SMC, 
including senior roles like the 
Deputy CEO, Group Chief Operating Officer 
(COO) & International Activities, Chief Risk Officer 
(CRO), 
and 
Group 
Senior 
Sustainability 
Officer 
(GSSO), 
are 
responsible 
for 
ensuring 
that 
Sustainability 
issues 
are 
fully 
incorporated into the operations 
and decision-making processes across the organisation. 
Furthermore, the SMC reviews and 
approves sustainability 
training and awareness 
initiatives. Moreover 
the BoD ensures 
that key individuals 
across the 
Group 
are equipped with necessary expertise as it has 
the oversight over training 
and awareness initiatives as evidenced by its role. 
This 
structure 
ensures 
that 
expertise 
is 
both 
possessed 
internally 
and 
is 
accessible 
externally, 
empowering 
the 
Group 
to 
manage sustainability challenges effectively. 
The 
skills 
and 
expertise 
present 
within 
the 
Board 
of 
Directors, 
Board 
Committees, 
Management 
Committees, 
units 
and 
functions are directly aligned 
with the undertaking's material impacts, 
risks, and 
opportunities. For instance, the Sustainability 
ManCo 
is 
tasked 
with 
overseeing 
the 
integration 
of 
sustainability 
goals, 
including 
Net 
Zero 
Strategy 
and 
Sustainable 
Financing activities, into the Group’s broader strategic objectives. The expertise of senior executives such as the Deputy CEO, 
Group COO and 
International Activities, 
CRO and GSSO ensures 
that Sustainability considerations 
are embedded into the 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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Group’s 
daily operations, 
enabling them to 
address and manage the 
material risks and 
opportunities tied to sustainability. 
The Business 
Units (Corporate 
& Investment 
Banking, Retail Banking) 
are actively 
engaged in managing sustainability 
risks 
as 
part 
of 
their 
operations, 
with 
specific 
responsibilities 
assigned 
through 
the 
Group 
Sustainability 
Unit, 
responsible 
to 
manage and coordinate sustainability strategy related 
issues. Through the 
structure, these bodies ensure that sustainability 
risks are appropriately assessed, monitored, and mitigated 
at every level, 
from operational 
to strategic decision-making. 
A 
sustainability 
awareness 
training 
was 
conducted 
for 
the 
Board 
of 
Directors, 
enhancing 
the 
understanding 
of 
CSRD 
Reporting requirements, including Double Materiality Assessment, EU Taxonomy, 
and disclosure requirements among others. 
Through 
their participation 
in this 
training, the 
Board of 
Directors developed 
a comprehensive 
understanding of 
the 
CSRD 
requirements 
and 
learned 
how 
to 
consider 
these 
in 
the 
company’s 
strategic 
planning 
and 
long-term 
growth 
objectives 
effectively 
1.3.2
Information provided to and sustainability matters addressed by the undertaking's 
administrative, management 
and supervisory bodies [GOV-2] 
The 
Sustainability 
Management 
Committee 
(SMC) 
is 
regularly 
informed 
about 
material 
impacts, 
risks, 
and 
opportunities 
through 
multiple reporting 
channels. Specifically, 
the 
SMC meets 
quarterly 
and/or on 
an ad 
hoc basis, 
when necessary, 
to 
review 
and 
provide 
strategic 
direction 
on 
sustainability-related 
issues, 
including 
material 
risks 
and 
opportunities. 
The 
Committee reviews 
and monitors 
sustainability strategies, 
action plans, 
KPIs and 
progress 
towards sustainability 
goals to 
ensure 
they 
align 
with 
the 
Group’s 
objectives. 
The 
SMC 
also 
reviews 
reports 
on 
sustainability 
issues, 
risk 
management 
processes, and performance 
metrics, ensuring that decisions are 
aligned with sustainability goals. 
Impacts, Risks and Opportunities consideration 
The SMC carefully 
considers impacts, risks and opportunities when overseeing 
the Group’s strategy. 
The SMC plays a critical 
role 
in providing 
strategic 
direction 
on sustainability 
matters, 
ensuring the 
Sustainability Strategy 
aligns with 
the 
Group’s 
overall 
Transformation 
Plan. The 
Committee is 
involved 
in the 
approval 
of action 
plans, project 
monitoring, and 
reviewing 
Sustainability-related 
policies 
and 
frameworks. 
Policies 
affecting 
internal 
stakeholders 
are 
available 
to 
the 
Eurobank’s 
intranet, while those referring to external 
stakeholders, such as the Group's 
Code of Conduct 
and Ethics, are 
available through 
corporate site. 
Overall 
the Group 
ensures there 
is a high level 
of accountability in Policy 
development 
and implementation. 
Policies are approved by the appropriate Governance bodies such as the Board of 
Directors or specialized 
committees, which 
ensure that there 
is alignment with the Group's 
strategic goals and stakeholder 
interests. 
Additionally, 
sustainability 
risks 
are 
assessed 
regularly, 
ensuring 
that 
sustainability 
factors 
are 
embedded 
in 
the 
Group’s 
strategic decisions, including sustainability targets, 
major investments, and the 
overall 
risk management framework. 
The Board Risk Committee plays a crucial role 
in ensuring that the Group Risk Strategy 
and Risk Appetite Framework inform 
the business 
plan and decision 
-making, thus aligning 
risk management 
processes 
with the 
Group's broader 
objectives and 
actions. The 
Committee considers 
trade-offs 
associated with 
material sustainability 
matters, for 
example by 
incorporating 
sustainability-related 
risks 
and 
opportunities 
within 
the 
existing 
risk 
management 
frameworks. 
This 
ensures 
that 
sustainability considerations 
are evaluated alongside financial and operational 
risks. 
During the 
reporting period, 
the 
Board 
of Directors, 
Board Committees, 
Management Committees 
and functions, 
through 
the 
SMC, addressed 
several 
material 
impacts, risks, 
and opportunities. 
Through 
the 
Double Materiality 
Assessment 
(DMA) 
exercise, the SMC reviewed the Impacts, Risks, and Opportunities (IROs) that were identified as 
material for the Group. These 
IROs were assessed based on both 
impact and financial materiality to ensure comprehensive 
consideration. 
For a detailed list of the Impacts, Risks, 
and Opportunities (IROs) approved by the SMC, please refer to the respective section 
of the Sustainability Statement, which outlines these 
material issues in further 
detail. 
For 
more information 
regarding the 
due diligence 
process please 
refer 
to: 1.5.1 
Description of 
the processes 
to identify and 
assess material impacts, risks and opportunities [IRO-1] 
1.3.3
Integration of sustainability-related 
performance in incentive 
schemes [GOV-3] 
The 
Group 
has 
established 
a 
Remuneration 
Policy 
that 
is 
applicable 
to 
all 
Group 
employees 
and 
covers 
their 
total 
remuneration. 
The 
Remuneration 
Policy 
forms 
an integral 
part of 
the 
corporate 
governance 
practice 
and is 
developed 
in 
accordance 
with 
its 
operational 
model, 
business 
strategy, 
objectives, 
long-term 
interests 
of 
the 
Group 
and 
incorporates 
measures to avoid conflict of interest. 
The Remuneration 
Policy promotes sound and effective risk management and is consistent with the objectives of the Group’s 
business and risk strategy, corporate 
culture, values and risk culture. It also considers sustainability risk factors, as well as the 
long-term interests 
of the 
Group. Additionally, 
it includes measures 
to avoid conflicts 
of interest 
and should not 
encourage 
excessive 
risk-taking on 
behalf of the 
Group. The 
Group ensures 
that remuneration 
practices 
are aligned 
with their 
overall 
risk appetite, taking 
into account all 
risks, including sustainability 
risks, reputational 
risks, as well 
as risks resulting 
from the 
mis-selling of products or services. 
In addition, the 
Remuneration 
Policy has 
been enhanced with 
the establishment 
of Variable 
Remuneration 
Framework, 
Key 
Performance 
Indicators 
(to balance 
employees’ 
performance 
and encourage 
proper 
conduct) and 
Key 
Risk Indicators 
(to 
promote sound and effective 
risk management including sustainability risks) at Group/ Unit/ Individual level, as appropriate. 
The 
Variable 
Remuneration 
Framework 
aims 
at 
providing 
(i) 
an 
appropriate 
balance 
of 
variable 
remuneration 
elements, 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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aligning the 
interests 
of employees, 
shareholders 
and other 
stakeholders, 
strengthening 
the 
Group’s 
position as 
a leading 
European 
bank and 
(ii) effective 
remuneration 
practices 
in compliance 
with the 
applicable regulatory 
environment. 
In this 
context, Key Risk 
Indicators are 
set at Group 
level, whereas 
Eurobank underscores 
the significance 
of introducing more 
Key 
Risk Indicators linked to sustainability risks in the 
following years. 
More specifically, 
the Remuneration 
Policy has been 
designed to (a) be consistent with 
and to promote 
sound and effective 
risk management, 
(b) stimulate 
behaviours consistent with 
sustainability risks approach, 
as well 
as (c) comply 
with Group’s 
voluntary 
commitments. 
Its 
basic 
principles 
are 
to 
(a) 
be 
gender 
neutral 
and 
non-discriminatory 
in 
any 
aspect 
of 
its 
implementation, 
(b) 
safeguard 
that 
remuneration 
is 
sufficient 
to 
retain 
and 
attract 
executives 
with 
appropriate 
skill 
and 
experience, (c) monitor that internal equity between all Units is applied, (d) avoid excessive 
risk-taking with respect to direct 
or indirect sustainability risks and (e) link remuneration 
with long-term performance. 
The 
Group’s 
sustainability-linked 
remuneration 
integrates 
the 
achievement 
of 
components 
/ 
targets 
of 
the 
Group’s 
Sustainability Strategy, Operational 
and Financed impact, to incentivise management and 
employees to contribute towards 
their achievement. 
The 
Remuneration 
Committee 
approves 
any 
incentive 
scheme 
both 
at 
Bank 
and 
Group 
level, 
while 
the 
Non-Executive 
Members 
of 
the 
BoD 
approve 
and 
periodically 
review 
the 
Remuneration 
Policy 
and 
are 
responsible 
for 
overseeing 
its 
implementation. 
For the time being, the remuneration 
of members of the administrative, management and supervisory bodies is not assessed 
against GHG emission reduction targets, and thus 
no percentage of this year’s 
remuneration 
is linked with the 
achievement 
of sustainability targets. 
1.3.4
Description of the due diligence on sustainability 
matters [GOV-4] 
The 
following 
table shows 
how and 
where 
the application 
of the 
main aspects 
and steps 
of the 
due diligence 
process 
are 
reflected in Eurobank Holding’s 
Sustainability Statement: 
Core elements of due diligence
Paragraphs 
in the Sustainability 
Statement
Description 
a) Embedding due diligence in 
governance, strategy 
and business 
model 
2.5.1 Sustainable financing and investment 
offerings 
2.4.3 Policies related to the 
integration of 
sustainability in risk management [MDR-P] 
2.2.1 Integration 
of sustainability-related 
performance in incentive 
schemes [ESRS 2 
GOV-3] 
The Group 
integrates sustainability into 
its governance and strategy 
through 
frameworks 
like the Climate Risk 
Scorecard and Sustainable Finance 
Framework, 
ensuring these principles 
guide decision-making. 
b) Engaging with affected 
stakeholders in all key 
steps of the 
due diligence 
1.4.3 Stakeholder interest 
and engagement 
[SBM-2] 
1.4.4 Material impacts, risks and 
opportunities and their interaction 
with 
strategy and business model [SBM-3] 
2.4.3 Policies related to the 
integration of 
sustainability in risk management [MDR-P] 
The Group 
engages stakeholders to 
align business practices with 
expectations, informing its materiality 
assessment and relative policies. 
c) Identifying and assessing adverse 
impacts 
2.4.3 Policies related to the 
integration of 
sustainability in risk management [MDR-P] 
2.5.1 Sustainable financing and investment 
offerings 
The Group 
conducted a DMA to 
identify and assess adverse impacts, 
focusing on both potential 
and actual 
effects on people and the 
environment. 
In addition, Eurobank uses the 
RIMA 
process and ESG Risk Assessment to 
evaluate risks, applying enhanced due 
diligence for high-risk clients. 
d) Taking actions 
to address those 
adverse impacts 
2.5.1 Sustainable financing and investment 
offerings 
The Group 
implements action plans for 
workforce 
impacts and supports 
financial inclusion through various 
initiatives. 
e) Tracking the 
effectiveness 
of 
these efforts 
and communicating 
2.4.1. Integration 
of Sustainability in risk 
management 
2.5.1 Sustainable financing and investment 
offerings 
The Group 
ensures transparency 
through risk management and internal 
controls 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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1.3.5
Risk management and internal controls 
over sustainability reporting [GOV 
-5] 
The 
Group’s 
risk 
management 
and 
internal 
control 
system 
concerning 
Sustainability 
Statement 
reporting 
covers 
the 
accuracy, completeness, and integrity of the data related 
to Sustainability Statement reporting. It includes dry run exercises, 
quality checks, workshops 
with relevant 
stakeholders, 
and assumptions made when 
direct data could 
not be obtained 
from 
value chain 
stakeholders 
to ensure 
the 
accuracy and 
integrity of 
the 
data. To 
further 
enhance this 
process, 
the 
Group has 
developed 
a 
comprehensive 
Sustainability 
Statement 
reporting 
process, 
aligning 
with 
the 
Corporate 
Sustainability 
Reporting Directive (CSRD) 
requirements effective 
from fiscal 
year 2024. This 
document establishes 
a unified framework 
for 
data collection, quality assurance, 
and reporting across all subsidiaries, ensuring 
transparency and compliance. 
In addition, the 
relevant departments responsible for providing qualitative information are responsible for supplying 
accurate 
qualitative 
information, 
by 
examining 
the 
provided 
data 
to 
ensure 
consistency 
and 
completeness. 
The 
reporting 
process 
outlines 
clear 
roles 
and 
responsibilities 
for 
data 
and 
content 
owners 
and 
reviewers. 
This 
process 
aims 
to 
reinforce 
accountability 
within 
the 
Group 
and 
foster 
a 
culture 
of 
continuous 
improvement, 
thereby 
upholding 
Group’s 
enduring 
commitment to environmental, 
social, and governance (ESG) excellence. 
Eurobank 
adopted a risk 
assessment approach 
that incorporates 
regular evaluations 
of data completeness, 
accuracy, 
and 
integrity. 
To 
prioritise 
risks, 
we 
utilise 
a 
risk-based 
approach, 
considering 
the 
potential 
impact 
on 
the 
Sustainability 
Statement 
reporting 
process. 
The 
CSRD 
Operating 
Committee 
oversees 
this 
process, 
ensuring 
alignment 
with 
CSRD 
standards and supporting continuous improvement. 
The 
main risks 
identified 
within 
the 
risk assessment 
performed 
are 
data gaps 
from 
value 
chain stakeholders, 
accuracy 
of 
estimations, 
and 
timing 
of 
data 
availability. 
To 
mitigate 
these, 
Eurobank 
conducted 
dry 
run 
exercises, 
quality 
checks, 
workshops with 
stakeholders, 
and made necessary 
assumptions to fill 
data gaps. Eurobank 
also conducted regular 
reviews 
to 
ensure 
the 
coordination 
of 
data 
collection, 
consolidation, 
and 
verification 
to 
maintain 
high 
standards 
of 
quality 
and 
compliance. 
The 
outcomes 
of the 
risk assessment 
and internal 
controls 
throughout 
the 
Sustainability Statement 
reporting process 
are 
integrated into relevant internal functions 
and procedures with regular 
updates provided to the 
Group Senior Sustainability 
Officer and, if necessary, 
to relevant Committees. 
1.4
Strategy - Company, 
business model and stakeholder engagement 
1.4.1
Information on the 
market position and strategy 
of the company [SBM-1] 
The 
Group 
offers 
a 
broad 
range 
of 
financial 
products 
and 
services, 
including 
corporate 
and 
investment 
banking, 
retail 
banking 
(personal 
banking, 
business 
and 
individual 
banking), 
wealth 
management, 
leasing, 
factoring, 
and 
specialized 
solutions such as shipping finance and syndicated debt solutions. In the reporting period, the Group has expanded its digital 
transformation 
efforts, 
offering 
services 
like 
digital 
banking 
solutions. 
Moreover, 
the 
Group 
has 
increased 
its 
focus 
on 
financing 
green 
projects 
and 
promoting 
ESG 
(Environmental, 
Social, 
and 
Governance) 
criteria 
in 
its 
products, 
such 
as 
sustainability-linked loans, bridge financing programs for 
energy efficiency projects, 
financing for renewable energy 
projects 
and 
other 
activities 
with 
positive 
environmental 
and 
social 
impact. 
Eurobank 
serves 
a 
wide 
range 
of 
customer 
groups, 
including 
large 
corporate 
clients, 
institutional 
investors, 
personal 
banking 
clients, 
SMEs, 
and 
public-sector 
entities. 
Geographically, 
the Group 
is primarily active in Greece, 
Cyprus, Bulgaria and Luxembourg. Furthermore, 
it has made strides 
in expanding its green financing services to support the 
transition toward 
sustainable business practices. 
Eurobank’s sustainability-related 
goals include financing the 
transition to sustainable 
energy, 
enhancing the environmental 
impact of 
its clients, 
and investing in 
technologies that reduce carbon footprints. These goals will 
be further enhanced through 
the Group’s 
Net Zero 
Commitment to 
the 
Net Zero 
Banking Alliance 
(NZBA). In 
addition, these 
goals are 
embedded in the 
Group’s 
core 
strategy, 
and 
a 
significant 
portion 
of 
its 
portfolio 
focuses 
on 
renewable 
energy 
projects, 
energy-efficient 
technologies, and sustainability-linked financing. Eurobank’s commitment to sustainable finance also 
includes driving growth 
in digital services, which help reduce environmental impacts and promote green practices, aligning with the Group’s 
broader 
sustainability objectives. 
Geographical area:
Headcount:
Bulgaria 
3,859 
Cyprus 
2,768 
Greece 
6,058 
Luxemburg 
130 
Sustainability Strategy 
Eurobank 
supports the 
transition 
towards 
a sustainable 
economy 
and considers 
sustainability and 
climate 
change as 
an 
opportunity. 
A 
key 
strategic 
objective 
is 
to 
adapt 
the 
business 
and 
operation 
in 
a 
way 
that 
addresses 
climate 
change 
challenges, 
accommodates 
social 
needs 
within 
its 
business 
model 
and 
safeguards 
prudent 
governance 
for 
itself 
and 
its 
counterparties, 
in accordance 
with supervisory 
initiatives, 
and following 
international 
standards and 
best practice. 
To 
this 
end, 
Eurobank 
has 
designed, 
approved 
and 
is 
currently 
implementing 
its 
Sustainability 
Strategy, 
including 
targets 
and 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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commitments, along two key pillars: 
Operational Impact Strategy 
(OIS)
 
and 
Financed Impact Strategy (FIS)
, both of which 
aim to address sustainability matters within the 
context of the Group’s 
business model and operations. 
1.
Operational Impact Strategy 
(OIS): 
The 
Operational Impact Strategy
 
(OIS) focuses on minimising 
the operational environmental 
footprint, ensuring that its own 
activities are sustainable, and aligning its operations with climate and sustainability goals. The 
key elements of this strategy 
are: 
●
Environmental 
Impact
: 
Minimising 
negative 
impact 
of 
Eurobank's 
operations, 
to 
promote 
environmental 
stewardship with a clear goal of achieving climate neutrality. 
●
Societal Impact
: Providing 
a diverse 
and inclusive 
environment 
for 
Eurobank’s 
people and 
clients, while 
fostering 
sustainable development and prosperity 
for the benefit of 
society. 
●
Governance & Business Impact
: Focusing on building sustainability awareness, internally and across its value 
chain, 
while intensifying Eurobank's efforts 
for ethics and transparency. 
The OIS is supported by a governance 
structure of multiple project streams (one per 
each commitment) and the supervisory 
ESG/OIS Committee. 
Progress 
is regularly 
reviewed 
at the 
Sustainability Management 
Committee. Each 
project 
stream is 
planned with 
milestones, KPIs, 
annual targets 
and long-term 
interim targets, 
serving the 
declared commitments, 
spanning 
over the 
next decade. Links are established with Transformation 
streams as well as corresponding ISO Management 
System 
standards, to 
ensure substantiation 
and certification 
of activities, 
validate target 
setting and 
measured 
performance, 
and 
systematically monitor progress 
through internal reviews 
and external assurance. 
2.
Financed Impact Strategy: 
The 
Financed Impact Strategy
 
focuses on foster 
favorable economic, 
social and environmental outcomes across 
all aspects 
of its 
financing activities, 
with 
a commitment 
to sustainability 
and responsible 
stewardship. 
To 
achieve 
this objective, 
the 
Financed Impact Strategy is structured 
around the following 
4 strategic pillars: 
●
Client 
Engagement 
and 
Awareness
: 
Helping 
clients 
transition 
to 
more 
sustainable 
business 
models 
by 
raising 
awareness of climate change challenges and opportunities. 
●
Supporting 
Clients 
in 
Transition
: 
Facilitating 
the 
transition 
of 
clients 
towards 
sustainable 
practices 
by 
offering 
financing 
solutions, 
that 
are 
guided 
by 
the 
financing 
approaches 
and 
the 
eligible 
activities 
of 
the 
Sustainable 
Finance Framework. 
goals and ambitions. 
●
Enablers and Tools 
for Sustainable 
Financing
: Providing 
frameworks, 
tools, and 
products to 
underpin sustainable 
financing 
●
Assessment and Management of sustainability-Related Risks
: Identifying and managing the sustainability-related 
risks within its loan and investment portfolios, 
including assessing exposure to transition and physical risks linked to 
climate change. 
The Financed Impact Strategy 
supports Eurobank's commitment to 
sustainable financing
 
and ensuring that the Group’s 
financial activities align with sustainability goals, such as reducing the 
carbon footprint of financed 
projects. 
Main Challenges Ahead: 
Both strategies face 
several 
challenges: 
●
Operational Transition
: The 
need of transition 
to climate neutrality 
in Eurobank’s 
own operations 
while managing 
the associated 
costs and risks. 
This involves 
transforming 
internal processes 
and aligning with 
evolving 
applicable 
regulatory requirements 
and voluntary initiatives as well 
as adopted standards and guidelines enabling Eurobank’s 
contemporary and continuously updated approach 
towards Sustainability, in line 
with international best practice. 
●
Client 
Transition
: 
Assisting 
clients 
in 
adapting 
their 
business 
models 
to 
meet 
sustainability 
and 
climate 
change 
objectives. This may involve addressing different levels of maturity, overcoming resistance to change, and 
navigating 
and aligning to complex regulatory requirements. 

 
 
 
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●
Sustainability-related 
Risks
: 
Managing both 
transition 
risks
 
(e.g., changes 
in market 
and regulatory 
conditions) 
and 
physical risks
 
(e.g., climate change 
impacts such as 
extreme weather) 
that could 
affect both 
the Group’s 
own 
operations 
and 
the 
sectors 
in 
which 
it 
invests 
or 
lends 
to 
is 
dependent 
on 
data 
availability 
and 
commitment 
of 
involved counterparties 
and stakeholders 
●
Alignment 
with 
Global 
Standards
: Ensuring 
full 
compliance 
with global 
sustainability 
standards, 
climate-related 
financial 
disclosures 
(such 
as 
TCFD
), 
and 
managing 
the 
increasing 
demand 
for 
transparency 
in 
sustainability 
reporting. 
To overcome 
these challenges, Eurobank 
has implemented a series of strategic 
initiatives: 
●
Operational Impact Strategy 
(OIS) key components
: 
o
Operational efficiency
: Focus on energy efficiency, 
reducing carbon emissions, towards the commitment to 
achieve Net Zero in its 
operations for Scope 1 & 2 
by 2033 and 
Scope 3 by 
2050. Promotion of environmental 
stewardship 
by 
accelerating 
also 
transition 
towards 
a 
paperless 
banking 
network 
and 
preservation 
of 
natural resources, 
as well as extending 
circular economy practices. 
Accommodation of social 
needs within 
its business 
model and 
safeguarding 
prudent governance 
for 
itself and 
its counterparties, 
in accordance 
with supervisory initiatives, and following 
international standards and best practice. 
o
The 
OIS 
is 
supported 
by 
a 
governance 
structure 
of 
project 
streams 
per 
each 
commitment 
and 
the 
supervisory ESG/OIS Committee. Regular review 
of progress via milestones 
and KPIs to ensure annual and 
long-term sustainability 
goals related 
to Environmental, 
Societal, and 
Governance 
& Business 
Impact are 
met. Progress is regularly 
reviewed at the 
Sustainability Management Committee. 
●
Financed Impact Strategy (FIS) key 
components
: 
o
Sustainable Financing:
 
Development 
of strategies 
that 
will 
promote 
the 
green 
transition 
of the 
Group’s 
clients through sustainable financing. 
o
Portfolio 
alignment: 
Gradual alignment of the Group’s portfolio 
with sectoral transition pathways that are 
aligned with the 1.5°C climate transition 
scenario. 
o
Net zero strategy:
 
Sectoral decarbonisation 
targets covering 
the Group’s 
lending portfolios, 
with phased 
target-setting up to 2050. 
In line with its commitment to address climate 
change, the Group has joined 
the Net-Zero 
Banking Alliance (NZBA), a bank-
led, UN-convened 
alliance of 
banks worldwide, 
reinforcing 
its dedication 
to aligning 
its lending 
and investment 
portfolios 
with net-zero 
emissions by 2050 or sooner, 
in line with the most ambitious targets set by 
the Paris Climate Agreement. 
The 
Group has 
started developing 
sectoral, 
financed emissions 
reduction 
targets based 
on the 
NZBA framework, 
for some 
of 
the 
most 
carbon-intensive 
and, 
therefore, 
most 
relevant 
and 
impactful 
sectors 
and 
portfolios. 
The 
Group 
applies 
established industry standards (e.g. NZBA, PCAF) and accredited science-based decarbonisation scenarios, in line with a 1.5-
degree Celsius objective by 
2050. 
1.4.2
Description of business model and value chain [42a-42c] 
Upstream value chain 
In 
mapping 
the 
upstream 
value 
chain, 
Eurobank 
has 
identified 
the 
key 
activities 
and 
actors 
involved 
in 
supporting 
its 
operations. 
The 
upstream 
value 
chain includes 
suppliers 
and stakeholders 
that 
provide 
critical 
inputs—both 
non-financial 
(e.g. 
supply 
of 
goods 
and 
services) 
and 
financial—necessary 
for 
Eurobank’s 
operations 
to 
function 
effectively. 
Given 
the 
complexity of 
Eurobank’s 
operations, 
Eurobank 
focuses 
on direct 
(Tier 
1) suppliers 
for 
the 
upstream side 
of its 
value chain. 
These suppliers are identified as 
having the most direct impact 
on the Eurobank’s operations, providing capital, critical goods 
and 
services 
such 
as 
IT, 
real 
estate 
management, 
energy, 
and 
shaping 
the 
surrounding 
legal, 
regulatory 
and 
voluntary 
framework. 

 
 
 
 
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Key Activities and Actors in the 
upstream Value Chain: 
●
Supply of Goods 
and Services 
- The 
upstream value 
chain for 
Eurobank 
consists of a 
range of 
suppliers providing 
critical 
goods 
and 
services. 
These 
include 
suppliers 
of 
IT 
hardware 
and 
software, 
office 
equipment, 
paper, 
and 
consulting services.
●
Supply of Capital 
- Eurobank 
is also reliant 
on upstream 
capital providers 
to maintain financial 
liquidity and fund 
its operations. This involves key activities such as deposit gathering, bond issuance, capital market transactions, and 
other investor 
-related activities. 
●
Regulatory 
and 
Voluntary 
Frameworks 
-The 
development 
of 
regulatory 
and 
voluntary 
frameworks 
is 
a 
critical 
component of 
Eurobank’s 
upstream value 
chain. Regulatory 
bodies such 
as the 
European 
Central 
Bank (ECB), 
the 
European Banking Authority (EBA) and the Single 
Resolution Board (SRB) provide 
the regulatory frameworks 
within 
which Eurobank operates. 
Downstream value chain 
Eurobank 
in 
entities 
downstream 
from 
the 
reporting 
organisation, 
has 
included 
categories 
such 
as 
customers, 
receive 
or 
utilise the Eurobank’s products and services. Eurobank has established the boundary of its downstream value chain 
to include 
corporate and retail clients, but it does not extend to the 
clients of those clients. 
Key Activities and Actors in the 
downstream Value 
Chain: 
●
Provision of Financing to Clients 
- 
Eurobank provides 
loans to both corporate 
and retail clients, funding a range of 
business 
activities. 
This 
includes 
supporting 
operational 
needs 
and 
facilitating 
growth 
for 
small 
and 
large 
corporations while offering 
financial solutions for 
individual customers.
●
Capital Markets Activities 
- 
Eurobank provides 
services related to investment 
banking, instruments trading, mutual 
fund 
products, 
institutional 
asset 
management, 
private 
banking 
and 
other 
financial 
advisory 
services. 
Eurobank 
participates 
in 
market-making 
and 
advisory 
roles 
for 
corporations, 
financial 
institutions, 
and 
governments, 
promoting sustainable investments. 
●
Real Estate 
- 
In addition to financing, Eurobank engages in construction, real estate properties operation 
(including 
those properties held 
for the purpose of leasing) and other 
real estate services. 
Eurobank's Position 
in the Value 
Chain: 
Eurobank is positioned as a central player in the financial services value chain, connecting a 
diverse set of upstream suppliers 
with downstream 
customers. 
Specifically, 
key 
activities in 
its own 
operations 
include 
Banking activities, 
Global 
Markets 
& 
Asset Management, 
Investment 
Property 
& Real 
Estate Management. 
Its role 
spans from 
sourcing capital 
and operational 
inputs to providing 
key financial 
services and 
products to both 
corporate 
and retail clients. 
By fostering 
sustainability in its 
operations, 
especially in sustainable 
financing, Eurobank 
is positioning 
itself as a 
leader in 
promoting sustainable 
business 
practices within the 
banking sector. 

 
 
 
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1.4.3
Stakeholder interest and engagement 
[SBM-2] 
The Group 
has developed a robust 
Stakeholder Engagement Plan
 
as a core part of its materiality assessment. This 
process 
aligns 
with 
European 
Sustainability 
Reporting 
Standards 
(ESRS)
, 
which 
emphasise 
the 
importance 
of 
gathering 
diverse 
stakeholder 
perspectives 
to identify 
impacts, risks, 
and opportunities 
(IROs) and 
align business 
practices 
with stakeholder 
expectations and sustainability objectives. 
For 
the 
identification 
and 
mapping 
of 
its 
stakeholders, 
the 
Group, 
established 
a 
systematic 
and 
dynamic 
process 
in 
the 
context of the double materiality assessment 
which involved the 
following: 
Stakeholder Engagement Disclosure 
1.
Key Stakeholders 
Eurobank has 
identified and classified stakeholders 
into three main 
groups to ensure 
effective 
engagement across 
various perspectives: 
o
Primary/Affected Stakeholders
: Directly impacted by Eurobank’s 
operations. 
o
Secondary Stakeholders
: Indirectly affected 
but influential in shaping Eurobank’s policies and operations. 
o
ESG Experts
: Internal 
and external 
ESG experts 
who own 
the due 
diligence and 
stakeholder 
engagement 
process for 
materiality assessment. 
Key stakeholder 
groups include: 
o
Internal Stakeholders
: Board of Directors, Senior Management, 
and Employees. 
o
External Stakeholders
: Customers 
and Clients, Business 
Community, Civil 
Society, Suppliers 
and Partners, 
Investors and Shareholders, 
as well as Government 
and Regulators. 
2.
Engagement with Stakeholders 
Eurobank engages with both 
internal and external stakeholders
 
as part of its comprehensive impact and financial 
materiality 
assessments. 
For 
impact 
materiality, 
stakeholders 
from 
the 
Group 
are 
engaged 
to 
understand 
the 
sustainability impacts across various entities and geographic 
locations. 
3.
Organisation of Stakeholder 
Engagement 
Engagement 
is 
organised 
systematically 
through 
a 
variety 
of 
methods 
and 
classified 
into 
Internal
 
and 
External 
Stakeholder Groups
: 
o
Identification 
and Classification
: Stakeholders 
are identified 
and categorized 
based on 
ESRS guidelines, 
which include both “affected 
stakeholders” and “users 
of the Sustainability Statement.” 
o
Engagement Methods
: Eurobank 
employs electronic 
questionnaires and 
focus groups 
to gather 
feedback 
from stakeholders. For impact materiality, online questionnaires are the primary 
engagement method, while 
focus groups are 
used for financial materiality to assess sustainability-related 
risks and opportunities. 
o
Segmentation 
by 
Business 
Areas
: 
Engagement 
activities 
span 
across 
Eurobank’s 
business 
segments 
to 
ensure the inclusion of diverse 
perspectives from each operational 
area. 
4.
Purpose of Engagement 
The purpose of Eurobank’s stakeholder engagement is to establish open communication channels with stakeholders 
to understand their needs and concerns 
and integrate them into the 
Group’s Sustainability Strategy. 
Key priorities
 
for Eurobank’s 
engagement include: 
o
protection of their 
personal data, 
o
leveraging 
new technologies to enhance service, 
o
ensuring access to financial services, 
o
respect for human rights and the 
environment, and 
o
upholding corporate culture 
and governance values along 
with adequate risk management practices. 
5.
Consideration of Engagement 
Outcomes
Eurobank integrates the feedback from stakeholders 
into its decision-making processes to ensure that the identified 
impacts, 
risks, 
and 
opportunities 
are 
accurately 
reflected 
in 
Group’s 
Sustainability 
Strategy. 
Key 
outcomes 
are 
validated 
by 
the 
Sustainability 
Management 
Committee 
to ensure 
alignment 
with 
ESRS standards 
and effective 
incorporation into Eurobank’s 
risk management and sustainability frameworks. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Furthermore, 
Eurobank 
promotes 
two-way 
communication 
and 
develops 
ongoing 
dialogue 
with 
internal 
and 
external 
stakeholders, 
to 
be 
able 
to 
actively 
meet 
the 
expectations, 
concerns 
and 
issues 
raised 
by 
all 
its 
stakeholders. 
Further 
information and the 
means of communication are 
presented in the table below: 
Stakeholder group 
Cooperation framework 
and 
expectations 
Means of communication 
Board of Directors 
•
BoD member assigned as 
responsible for climate-related 
and environmental risks at 
Group level. 
Communication 
with the 
Board of 
Directors is 
facilitaded through 
regular 
and 
ad-hoc 
meetings 
as 
well 
as 
Progress 
reports. 
Regular 
and 
ad-hoc 
meetings 
ensure 
structured 
updates, 
while 
addressing 
urgent 
matters. 
Progress 
reports 
are 
consistently 
shared 
to 
provide 
ongoing 
insights 
ensuring the BoD is well-informed at 
all times. 
Executive 
Management 
•
CEO-appointed Sustainability 
Management Committee. 
•
Sustainability-related issues 
raised at ExBo level. 
Communication with Executive management is maintained through regular 
and ad-hoc meetings, along with periodic progress reports. 
Investors, 
Shareholders and 
Investment 
Community 
•
Timely reporting of accurate 
and complete information on 
the Group’s performance 
and 
strategy. 
The 
Group 
engages 
in 
ongoing 
communication 
with 
its 
investors 
to 
enhance 
their 
understanding 
of 
matters 
that 
may 
be 
relevant 
to 
them, 
thereby 
enabling them to 
effectively exercise 
their voting 
rights and make 
informed 
investment 
decisions.The 
Group 
organises 
Annual 
General 
Meetings 
and 
Extraordinary 
General 
Meetings 
οf 
Shareholders 
and 
publishes information 
in a continuous, regular and 
timely manner (through 
the Annual Reports, Financial Results and announcements on its corporate 
websites) ensuring that stakeholders have easy access to essential 
updates 
and disclosures. 
Employees 
•
Timely information 
on issues 
concerning the Group, the 
development and progress of 
skills, as well as employee 
engagement and benefits. 
The 
Group places 
a strong 
emphasis on 
the 
upskilling and 
reskilling of 
its 
employees, 
upholding 
a 
high 
standard 
of 
professionalism 
while 
implementing 
anti-discrimination 
policies 
to 
create 
an 
inclusive 
work 
environment. 
The 
Group 
provides 
extensive 
benefits 
to 
all 
employees, 
irrespective of gender, 
age, or marital status. Frequent meetings, breakfast 
gatherings, 
and 
various 
events 
promote 
open 
communication 
between 
management 
and 
staff 
representatives. 
Enhanced 
communication 
channels 
like 
HR4U 
and 
the 
Connected 
portal 
ensure 
responsiveness 
to 
employee 
inquiries. 
The 
Group 
promotes 
work-life 
balance, 
social 
and 
environmental 
awareness, 
and 
volunteering 
and 
implements 
an 
ESG 
upskilling 
plan 
and 
awareness 
initiatives 
for 
employees 
and 
clients 
to 
support sustainability efforts. 
Business Community 
(including corporate 
networks, 
entrepreneurship, 
industry associations, 
financial institutions 
and start-up 
entrepreneurs) 
•
Mutual cooperation and open 
communication driven by 
ensuring the interests of the 
business community. 
•
Showcasing and promoting new 
businesses based on specified 
criteria and transparent 
procedures. 
The Group 
supports entrepreneurship, innovation, and 
internationalization 
through 
strategic 
initiatives 
including 
dialogue 
with 
professional 
associations and collaborations. 
Civil Society 
(including 
communities, NGOs, 
the academic and 
scientific community, 
international 
organisations, and 
the Media) 
•
Engaging 3rd parties in CSR 
initiatives designed and 
implemented by the Group 
•
Responding to 3rd party actions 
with a social cause 
•
Cooperation with the 
Media to 
ensure optimum and effective 
promotion of the 
Group and 
its products and services. 
The 
Group 
engages 
with 
non-governmental 
organisations, 
to 
maintain 
transparent 
communication 
and 
prompt 
responses. 
The 
Group 
also 
encourages 
organisations 
to 
take 
part 
in 
corporate 
social 
responsibility 
initiatives, 
providing 
support 
through 
sponsorships 
and 
donations. 
Employee 
volunteer 
efforts 
enhance community involvement. 
Partnerships 
with academic institutions promote innovation in CSR practices. 
Customers and Clients
•
Responsible information, 
customer service and provision 
of products and services with a 
deep sense of respect and 
transparency. 
The 
Group places 
customers at 
the 
centre of 
its activities 
and one 
of its 
purposes 
is to 
help 
them 
in the 
transition 
to a 
more 
sustainable future, 
accompanying 
them 
on 
their 
journey 
towards 
decarbonisation, 
offering 
them 
innovative 
solutions 
to 
finance 
their 
investments 
with 
positive 
environmental 
and 
social 
impacts 
and 
managing 
initiatives 
that 
better 
respond to sustainability-related challenges. For 
more information 
on the 
Bank’s communication channels with customers and clients please 
refer to 
section 3.2.2 Policies and Actions. 
Government and 
Regulators
•
Compliance and harmonisation 
with the supervisory and 
regulatory framework. 
The 
Group 
supports 
open 
communication 
(meetings, 
consultation etc.) 
with government 
and regulators in 
order to 
facilitate data sharing and issue resolution. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Stakeholder group 
Cooperation framework 
and 
expectations 
Means of communication 
Suppliers and Partners
•
Cooperation based on 
transparent procedures 
and 
specified criteria to achieve 
mutually beneficial 
agreements. 
•
Communication with third-
party partners, to investigate 
further tailor-made business 
offerings. 
The 
Group 
provides 
comprehensive 
and 
transparent 
information 
in 
procurement 
processes 
to 
its 
suppliers, 
ensuring 
compliance 
with 
legal 
requirements 
in 
labour 
and 
environmental 
matters, 
respecting 
human 
rights and 
stimulating the 
demand for 
socially responsible 
products and 
services. 
On 
top, 
Eurobank 
implements 
an 
electronic 
tendering 
system 
complemented by a supplier evaluation platform and procedure, ensuring 
transparency and efficiency in supplier selection. 
The Group’s understanding of the interests and views 
of its 
key stakeholders is shaped through its 
comprehensive stakeholder 
engagement and DMA processes. By engaging with a wide range of stakeholders, including customers, employees, investors, 
business 
community, 
suppliers 
and 
partners, 
regulators, 
and 
civil 
society, 
the 
Group 
gathers 
crucial 
insights 
into 
their 
expectations 
regarding 
issues 
such 
as 
environmental 
sustainability, 
governance, 
human 
rights, 
and 
access 
to 
financial 
services. 
These 
insights are 
integrated 
into 
the 
Group’s 
strategy 
and business 
model, ensuring 
that 
its 
actions 
align 
with 
stakeholder 
needs. Additionally, 
the materiality 
assessment process 
identifies the 
actual and 
potential positive, 
as long as 
negative impacts 
of the 
Group’s 
activities on the 
environment 
and society, 
guiding its 
decision-making and 
ensuring long-
term value creation for 
all stakeholders. 
Views and interests of affected 
stakeholders 
The views and interests of 
affected stakeholders with regard to the Group’s sustainability-related impacts are communicated 
to 
the 
Board 
of 
Directors, 
Board 
Committees, 
Management 
Committees 
and 
functions 
through 
a 
structured 
process. 
Stakeholder engagement is integral to the Group’s materiality assessment, and 
relevant insights gathered from both internal 
and 
external 
stakeholders 
are 
reviewed 
by 
the 
Sustainability 
Management 
Committee. 
These 
committees 
oversee 
the 
sustainability 
strategy 
and 
ensure 
that 
stakeholder 
concerns 
regarding 
sustainability 
impacts 
are 
incorporated 
into 
the 
Group’s decision 
-making processes. 
The Board 
of Directors (BoD) is 
informed about 
the interests 
and views of stakeholders 
through the 
presentation of 
the results 
of the 
DMA, which includes 
an evaluation 
of the 
impacts identified by 
both internal 
and external stakeholders. The 
BoD is regularly updated on the progress 
and outcomes, ensuring that stakeholder 
feedback 
is integrated into the Group’s 
strategy and operations. 
1.4.4
Material impacts, risks and opportunities and their interaction 
with strategy and business model [SBM-3] 
The Group 
has conducted a comprehensive 
materiality assessment 
to identify its material 
impacts, risks, and opportunities 
in relation to sustainability. This process allows the Group to prioritise the sustainability 
factors most pertinent to its 
strategy, 
business 
model, 
and 
resource 
allocation. 
By 
identifying 
and 
assessing 
these 
key 
factors, 
the 
Group 
ensures 
that 
its 
sustainability initiatives are aligned with regulatory 
standards and long-term business objectives. The 
business model of the 
Group 
is primarily 
focused 
on delivering 
financial services 
to individual, 
corporate, 
and institutional 
clients. Therefore, 
the 
material 
impacts, 
risks, 
and 
opportunities 
identified 
are 
concentrated 
in 
the 
provision 
of 
such 
services. 
The 
table 
below 
outlines the outcomes 
of the Group's impact materiality 
assessment, presenting the identified material 
impacts: 
Sustainability matter 
Description 
Positive/ 
Negative 
Type of 
Impact 
Location in 
the value 
chain 
Time-
horizon 
E1 Climate change - 
Energy 
Organisation implements measures to reduce energy 
consumption, leading to enhanced efficiency in 
operations. 
Positive 
Actual 
Own 
operations 
Mid-term
E1 Climate change – 
Energy 
Organisation contributes to climate change through its 
in-house operations that contribute to the 
release of 
emissions. 
Negative 
Actual 
Own 
operations 
Short-term
S1 Own workforce - 
Equal Treatment and 
Opportunities for All 
Organisation puts into action internal management 
systems and initiatives that improve employees’ 
ability 
to live free from gender / sexual / ethnic / racial 
discrimination and ageism. 
Positive 
Actual 
Own 
operations 
Short-term
S1 Own workforce - 
Equal Treatment and 
Opportunities for All 
Organisation’s lack of established policies, measures 
and actions increases the risk of discrimination incidents 
within its operations, potentially impacting the 
well-
being and morale of employees. 
Negative 
Potential 
Own 
operations 
Short-term
S1 Own workforce – 
Other work-related 
rights
Organisation supports employees’ well-being through 
providing satisfying and high-quality working 
conditions, including adequate workspace and respect 
of privacy. 
Positive 
Actual 
Own 
operations 
Short-term

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Sustainability matter 
Description 
Positive/ 
Negative 
Type of 
Impact 
Location in 
the value 
chain 
Time-
horizon 
G1 Business Conduct – 
Corporate culture 
Organisation achieves positive impacts by 
implementing operational practices 
and initiatives that 
improve stakeholders’ 
ability to benefit from effective, 
accountable, and inclusive institutions, thereby 
promoting business ethics and integrity. 
Positive 
Actual 
Own 
operations, 
Upstream, 
Downstream 
Short-term
G1 Business Conduct – 
Corruption and 
bribery 
Organisation’s commitment to corporate 
integrity is 
strengthened through the 
implementation of robust 
anti-corruption and anti-bribery policies, promoting 
a 
culture of transparency and ethical behaviour. 
Positive 
Actual 
Own 
operations 
Long-term 
G1 Business Conduct – 
Corruption and 
bribery 
Corruption-related incidents can result in operational 
disruptions, redirecting resources towards crisis 
management and adversely affecting the 
Organisation’s day-to-day business activities. 
Negative 
Potential 
Own 
operations 
Mid-term 
G1 Business Conduct – 
Protection of 
whistleblowers 
Organisation’s commitment to whistleblower 
protection 
positively impacts society, employees, customers, 
and 
shareholders, setting a precedent for ethical 
behaviour 
and fostering a secure environment where 
misconduct is 
timely identified and stopped. 
Positive 
Actual 
Own 
operations 
Short-term 
Data security and
customer privacy
Organisation implements internal management systems 
and initiatives that protect stakeholders' 
data privacy. 
Positive 
Actual 
Own 
operations, 
Downstream 
Mid-term 
Data security and 
customer privacy 
Organisation’s improper 
implementation of established 
cybersecurity systems and processes results in incidents 
of data breach and leaks of personal data. 
Negative 
Potential 
Own 
operations, 
Downstream 
Mid-term 
E1 Climate change – 
Climate change 
adaptation 
Organisation actively contributes to GHG reduction 
ambitions and targets, set by the EU, regulations, 
central governments, 
and other bodies, through its 
sustainable financings and integration of climate risk in 
the risk management framework. 
Positive 
Actual 
Own 
operations, 
Downstream 
Long-term 
E1 Climate change – 
Climate change 
adaptation 
Organisation’s business strategy may encompass the 
continuation of financing to carbon-intensive sectors. 
Negative 
Potential 
Own 
operations, 
Downstream 
Long-term 
E1 Climate change – 
Climate change 
mitigation 
Organisation implements a robust climate change 
mitigation strategy aiming to minimise the 
consequences of climate change for its portfolio. 
Positive 
Actual 
Own 
operations, 
Downstream 
Long-term 
E1 Climate change – 
Climate change 
mitigation 
Organisation’s portfolio 
faces negative impacts due to 
the absence of a climate change mitigation strategy. 
Negative 
Potential 
Own 
operations, 
Downstream 
Long-term 
S4 Consumers and 
end-users - 
Information-related 
Impacts for 
Consumers and/or 
End-users 
Organisation provides to clients access to accurate, 
relevant and high-quality secured information, fostering 
transparency and promoting the 
principles of 
responsible banking. 
Positive 
Actual 
Downstream 
Short-term
Sustainable financing 
and investment 
offerings 
Organisation provides sustainable finance products and 
services that promote green 
and social investments and 
incentivise improvement of its clients’ ESG performance. 
Positive 
Actual 
Downstream 
Long-term
Integration of 
Sustainability in risk 
management 
The ESG / climate risk assessment may require 
additional effort by the 
clients in order to provide 
required ESG data and may result in additional 
conditions to comply with for financial agreements. 
Negative 
Potential 
Downstream 
Mid-term
In the fiscal year 2024, Eurobank has not provided specific financial figures regarding the 
current financial effects of material 
risks and opportunities. The Bank has opted for 
a phased-in approach to report these 
anticipated financial effects, 
aligning 
with the initial reporting period 
requirements under 
the European Sustainability Reporting Standards 
(ESRS). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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The 
table below 
outlines the 
outcomes of 
the 
Group's 
financial materiality 
assessment, 
presenting the 
identified risks 
and 
opportunities: 
Sustainability matter 
Description 
Risk/ 
Opportunity 
Location in 
the value 
chain 
Expected time 
horizons for 
anticipated 
financial effects 
S1 Own workforce 
- 
Working conditions 
Demonstrating commitment to exemplary working 
condition expectations, such as offering adequate 
compensation, promoting work-life balance, 
and 
ensuring workplace safety, can attract 
and retain 
employees. 
Opportunity 
Own 
operations 
Short-term
S1 Own workforce 
- 
Working conditions 
Non-compliance with the modern workplace 
expectations such as good working conditions, adequate 
salaries, and workplace safety, can affect 
employees' 
motivation and performance, 
leading to decreased 
productivity. 
Risk 
Own 
operations 
Short-term
Fostering Innovation 
Meeting evolving customer expectations and modern 
lifestyle needs through utilising digital tools and 
innovative services can improve 
customer engagement. 
Opportunity 
Own 
operations 
Short-term 
Fostering Innovation 
Rapid technologic development in the banking sector 
may pose competitive threats and risks if the 
Organisation fails to adapt and innovate at the same 
pace. 
Risk 
Own 
operations 
Mid-term 
Data security and 
customer privacy 
Growing cybersecurity threats and cyber-attacks 
targeting financial institutions, and their customer data 
may compromise the Organisation’s 
systems, networks 
and sensitive information, leading to operational 
disruptions and reputational harm. 
Risk 
Own 
operations, 
Downstream 
Mid-term 
E1 Climate change – 
Climate change 
adaptation/mitigation 
Meeting climate objectives linked to legal, regulatory and 
other stakeholders’ 
requirements for the Organisation’s 
clients, entails the opportunity for the Organisation 
to 
finance the transition of its clientele. 
Opportunity 
Own 
operations, 
Downstream 
Long-term
E1 Climate change – 
Climate change 
adaptation/mitigation 
The actions required by the 
Organisation’s clients to 
address climate change mitigation and adaptation 
requirements relating to impacts deriving from climate 
change may impact the Organisation’s credit risk. 
Risk 
Own 
operations, 
Downstream 
Long-term
E4 
Biodiversity and 
ecosystem - Direct impact 
drivers of biodiversity loss 
Biodiversity loss due to clients’ operations 
may lead to 
financial and reputational damage. 
Risk 
Downstream 
Long-term 
Sustainable financing and 
investment offerings 
Promoting green and social investments in line with 
requirements to support climate transition and in 
response to changing consumer preferences 
enhances 
the Organisation’s brand 
reputation, attracting 
sustainability conscious investors. 
Opportunity 
Own 
operations, 
Downstream 
Long-term 
Sustainable financing and 
investment offerings 
Evolving market preferences 
and regulatory shifts may 
impact the demand for sustainable finance, posing risks 
to the Organisation’s existing product offerings. 
Risk 
Own 
operations, 
Downstream 
Long-term 
Integration of 
Sustainability in risk 
management 
Integrating ESG in risk management in response to 
evolving regulatory requirements 
and business needs 
improves the 
Organisation’s resilience to sustainability-
related risks, safeguarding the Organisation 
against 
potential financial losses, strengthening its overall 
risk 
management framework. 
Opportunity 
Own 
operations, 
Downstream 
Mid-term 
Integration of 
Sustainability in risk 
management 
Client hesitance or inability to meet sustainability 
requirements may impact the Organisation’s 
market 
perception, potentially affecting 
its competitive position 
and leading to additional risks. 
Risk 
Own 
operations, 
Downstream 
Mid-term 
Financial inclusion 
Contributing to financial inclusion aligns with social 
impact goals, positively impacting brand reputation and 
offering financing to underserved populations, 
such as 
students and geographically isolated communities. 
Opportunity 
Downstream 
Mid-term 

 
 
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Double materiality matrix: 
1.5
Materiality analysis and results according to the 
concept of Double Materiality 
1.5.1
Description of the processes 
to identify and assess material impacts, risks and opportunities [IRO-1] 
Materiality assessment 
is conducted 
through 
a comprehensive 
process 
that aims 
to identify, 
assess, prioritise 
and monitor 
both potential and 
actual impacts on people 
and the environment, 
as well as risks 
and opportunities that 
may in turn have 
a financial effect on the 
organisation. 
Phase 1 – Understanding of the business, value chain & related 
activities 
The first 
step is to understand 
Group’s 
key business segments 
and partners influenced 
by and influencing those 
operations. 
Credit institutions are complex 
entities that engage in 
a wide range of 
activities, varying significantly in 
both scale and scope. 
To effectively 
evaluate these activities and include them within the context of DMA, value 
chain boundaries were established. 
Boundaries are applied to 
the Upstream side of value 
chain, that are limited to 
direct Suppliers, as well as 
to the downstream 
side which includes 
the Group’s customers. The focus areas for the materiality assessment are identified 
and prioritised based 
on the 
potential significant 
IROs. Business 
activities and partners 
are categorized 
based on their 
role 
in the 
value chain by 
identifying whether they 
operate upstream, 
downstream, or within own operations. 
The significant 
activities across 
Eurobank’s 
value chain have 
been systematically 
mapped to relevant 
ESRS Sectors as 
part 
of 
an 
extensive 
value 
chain 
analysis. 
This 
mapping 
encompassed 
both 
upstream 
and 
downstream 
activities, 
along 
with 
Eurobank's 
own 
operations, 
while 
carefully 
considering 
the 
interconnections 
between 
ESRS, 
rating 
agencies 
and 
industry 
specific standards. For this purpose, the 
methodologies established by the 
SASB Materiality Map and the MSCI ESG Industry 
Materiality Map are utilised as 
foundational tools to identify Sustainability issues. Expert judgment is 
applied throughout this 
process to ensure that the mappings are accurate and relevant. In the identification of potentially material sub-topics a peer 
analysis of 
major Greek 
systemic banks 
and foreign 
banks operating 
predominantly 
within the 
EU was 
also incorporated. 
The Risk 
Identification and 
Materiality Assessment 
(RIMA) Framework 
was also utilised in the 
overall 
process. RIMA 
enables 
Eurobank to systematically 
build its risk inventory by identifying and evaluating both 
current and potential risks. 
Phase 2 – Stakeholder engagement and identification 
of IROs 
The materiality 
assessment process, 
in the second phase, 
included comprehensive 
consultation with affected 
stakeholders 
to understand how they may be impacted by the 
organisation's activities. Stakeholders’ 
engagement is an integral part of 
the 
materiality assessment 
process. 
The 
affected 
stakeholders’ 
engagement is 
central 
to the 
materiality assessment 
and 
therefore 
it is critical to gather 
and assess diverse stakeholder 
perspectives to build a 
balanced and comprehensive 
set of 
impacts, risks, and 
opportunities (IROs). 
Eurobank recognises 
the importance 
of a due 
diligence processes 
and thus plans 
to develop such processes 
and utilise its outcomes to inform 
the materiality 
assessment in the 
future. Through 
stakeholder 
engagement, a wide range of diverse perspectives is gathered to identify and assess the full spectrum of impacts, risks, and 
opportunities 
(IROs). 
Eurobank 
considered 
its stakeholder 
groups 
as well 
as the 
ESG 
experts 
and classified 
them 
in 
the 
following 3 categories: 
i.
Primary/Affected stakeholders, 
ii.
Secondary stakeholders, 
iii.
ESG Experts 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The stakeholder engagement for impact materiality involved identifying and categorizing 
stakeholders into two main 
groups: 
Internal 
Stakeholders 
(Board 
of 
Directors, 
Senior 
Management, 
and 
Employees) 
and 
External 
Stakeholders 
(Business 
Community, Civil 
Society, Customers 
and Clients, Suppliers 
and Partners, 
Investors and Shareholders, 
and Government 
and 
Regulators). To engage 
these diverse 
groups, electronic questionnaires 
were circulated 
via an online platform. 
In the context of impact materiality ("inside-out" perspective) causal links between Eurobank’s 
and its value chain’s practices 
and their impacts on the environment 
and society were assessed. First, the topics are contextualized to explain why they 
are 
relevant 
to Eurobank 
and its 
value chain 
from 
an impact 
perspective. 
For 
this purpose, 
Eurobank 
considers its 
value chain 
activities, prior 
year 
reporting, 
as well 
as other 
sources 
(e.g. peers, 
indices). 
Then, 
for 
those that 
are 
deemed 
relevant, 
the 
impacts on society or the environment 
are described. Finally, the 
impacts are classified as: 
●
actual or potential, 
●
negative or positive impacts on people 
or the environment, 
●
over the 
short, medium and long-term time horizon. 
Impacts arising from Eurobank's operations 
are considered negative, without factoring in the 
potential effectiveness 
of any 
mitigation measures that 
may be implemented. 
Regarding financial materiality Eurobank engaged with internal stakeholders, who are representative of the whole Eurobank, 
to assess 
risks and 
opportunities. 
The 
primary method 
for 
stakeholder 
engagement was 
through 
dedicated 
focus 
groups, 
designed 
to 
evaluate 
the 
potential 
risks 
and 
opportunities 
associated 
with 
sustainability. 
Sustainability 
risks 
and 
opportunities were 
assessed based 
on their 
likelihood of 
occurrence 
and the 
potential magnitude 
of their 
financial effects 
over the 
short, medium, and long term time horizons. 
Risks and opportunities are associated with financial materiality ("outside-in"). First, the 
topics are contextualized to explain 
why 
they 
are 
relevant 
to 
Eurobank 
and 
its 
value 
chain 
from 
a 
financial 
perspective 
(i.e. 
from 
a 
risk 
and/or 
opportunity 
perspective). 
For 
this purpose, 
the 
identification 
of impacts 
was utilised 
as a 
starting point, 
since the 
financial materiality 
assessment benefits from 
the outcome 
of the impact materiality 
assessment. Eurobank 
considered its value chain 
activities, 
prior year sustainability reporting 
(e.g. Pillar 3, UNEP 
FI), as well as other 
sources (e.g. peers, 
MSCI, etc.). Then, 
for those that 
are deemed 
relevant, the 
risks and/or 
opportunities are 
described in 
the short, 
medium, and 
long-term time 
horizon in line 
with ESRS 
definition. The 
analysis is 
risk-based and 
hence 
opportunities are 
identified only 
when there 
is a direct 
business 
opportunity 
linked 
to 
a 
subject 
that 
does 
not 
result 
from 
mitigating 
a 
risk. 
To 
align 
-to 
the 
extent 
this 
is 
feasible- 
this 
identification process with Eurobank’s 
existing risk management, the input of RIMA process is utilised. Moreover, the draft list 
of ROs was subject to multiple iterations through discussions with 
key internal stakeholders 
involved in the broader 
financial 
risks and opportunities identification process 
in Eurobank. 
Phase 3 – Assessment of IROs 
After 
having identified 
IROs, both 
an impact 
and a 
financial materiality 
assessment 
takes 
place 
in the 
third 
phase of 
the 
process, 
whereby 
each of the 
impacts, risks and 
opportunities are 
scored on 
predefined scales 
for severity, 
magnitude and 
likelihood, as appropriate. 
A sustainability matter is 
material from 
an impact perspective 
when it pertains to 
the Group’s 
material, actual or potential, 
positive or 
negative impacts 
on people or 
the environment 
(environmental, 
social and governance 
matters) over 
the short, 
medium and long-term time horizons. It includes impacts 
connected to Eurobank’s own operations and value chain, including 
through its products and services, 
as well as through its business relationships. 
Impacts are assessed based on the following 
criteria: 
●
Severity
, which is composed of 3 elements: 
o
Scale
: how grave the 
negative impact is or how beneficial the 
positive impact is for people or the 
environment. 
o
Scope
: how 
widespread the 
negative 
or positive 
impacts 
are. 
In the 
case of 
environmental 
impacts, the 
scope 
may be understood as the 
extent of environmental 
damage or a geographical 
perimeter. 
In the case 
of impacts 
on people, the scope may be understood as the 
number of people adversely affected; 
and 
o
Irremediable character
: whether and to what extent the negative impacts could be remediated, i.e., restoring the 
environment or affected 
people to their prior state. 
●
Likelihood 
The significance of positive impacts is assessed by stakeholders, 
by considering the scale and scope of impacts, whereas the 
severity of negative 
impacts was assessed by considering their 
scale, scope and irremediable 
character. 
For the 
assessment 
of 
potential 
impacts, 
the 
likelihood 
factor 
is 
also 
considered. 
The 
qualitative 
thresholds 
for 
impact 
assessment 
were 
established by applying experts’ 
judgment, in addition to 
the application 
of quantitative 
thresholds. Consequently, 
impacts 
(positive and/or negative) with 
an impact materiality score exceeding these 
thresholds were 
classified as material. 
The financial materiality assessment 
corresponds to the identification 
of information that 
is considered material for 
primary 
users 
of 
general-purpose 
financial 
reports 
in 
making 
decisions 
relating 
to 
providing 
resources 
to 
the 
entity. 
Risk 
and 
Opportunities 
are 
assessed 
based 
on 
severity 
and 
likelihood. 
Similarly 
to 
the 
impact 
materiality 
assessment, 
Eurobank 
developed 
a scoring mechanism 
by applying 
thresholds 
as cut-off 
points. Eurobank 
performed 
the assessment 
of risks and 
opportunities, by 
engaging internal 
stakeholders 
through 
workshops 
with 
experts 
from 
Eurobank’s 
key 
business units. 
The 
outcome of stakeholder engagement 
was a list of scored risks and opportunities. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Phase 4 – Materiality overview
 
In the 
final step of 
the process, 
the Group 
undertakes 
a comprehensive 
analysis of the 
collected data, 
prioritising impacts, 
risks 
and 
opportunities 
(IROs) 
based 
on 
the 
scores 
obtained 
through 
structured 
questionnaires 
(Impact 
Materiality 
assessment) 
and 
targeted 
focus 
group 
(Financial 
Materiality 
assessment). 
Applying 
these 
scoring 
mechanisms 
allows 
to 
further separate 
material and non-material impacts, risks and opportunities (IROs) and topics. A topic is material if it scores 
‘high’ from an impact (positive, negative and/or both) and/or financial perspective (risk, opportunity and/or 
both). Materiality 
thresholds classify topics 
as material in 
terms of impact 
materiality, financial materiality or in 
case of both, 
double materiality. 
The 
IROs assessed 
to be 
material 
are then 
grouped 
and mapped 
to a 
topic/sub-topic in 
order 
to report 
according to 
the 
corresponding Disclosure Requirements 
of the relevant topic. The SMC approves 
the proposed contents of the Sustainability 
Statement that derive 
from the results 
of the DMA. 
Strategic implication 
The 
DMA 
strengthens 
the 
Group’s 
commitment 
to 
responsible 
risk 
management, 
fostering 
robust 
corporate 
governance 
practices while advancing sustainability goals. The 
DMA process enables Eurobank 
to effectively manage and leverage 
risks 
and opportunities 
in a 
way that 
not only 
supports its 
financial 
performance 
but also 
contributes to 
positive 
societal 
and 
environmental impacts. 
Risk management is a key component of the Group's operations to achieve its strategic and business objectives. As such, the 
Group has put in 
place effective mechanisms to identify, monitor, and assess risks 
promptly, evaluating their potential impact 
on the 
attainment 
of corporate 
objectives. 
The 
Risk Identification 
and Materiality 
Assessment (RIMA) 
process 
at Eurobank 
plays a crucial role in managing 
effectively risks preventing significant impacts on the Group's financial performance, capital, 
liquidity, 
and 
business 
objectives. 
This 
proactive 
approach 
helps 
identify 
emerging 
risks, 
especially 
those 
related 
to 
the 
interconnected 
nature 
of sustainability 
risks, which 
are 
integrated 
into the 
Group's 
broader 
risk management 
framework. 
Given the increasing recognition of both financial and non-financial impacts, Eurobank 
takes a holistic approach to manage 
sustainability risks, aligning these considerations 
with other 
risk types 
within the organisation. 
Eurobank also places a strong emphasis on managing social risks as part of its sustainable business strategy. The Group 
has 
adjusted 
its 
business 
model, 
strategy 
and 
processes, 
as 
well 
as 
its 
financial 
planning, 
to 
address 
these 
risks 
effectively. 
Additionally, 
Eurobank 
continuously assesses 
its exposure 
to governance 
risks, recognising 
that poor 
governance 
practices 
by clients can 
adversely 
affect its 
own operations. 
To 
mitigate this, 
Eurobank 
has implemented 
robust internal 
governance 
arrangements and processes 
that allow for effective 
evaluation of governance 
risks, both within its own operations and with 
respect to its clients' governance performance. 
This strategic focus 
on sustainability not only helps Eurobank remain resilient 
and 
adaptable 
in 
a 
fast-changing 
business 
environment 
but 
also 
recognises 
the 
importance 
of 
identifying 
material 
opportunities as a crucial source of innovation and value 
creation. 
Eurobank 
performed 
its 
DMA 
in 
accordance 
with 
the 
European 
Sustainability 
Reporting 
Standards 
(ESRS) 
as 
an 
early 
adoption in 2023. 
The corresponding 
disclosures have 
been included in 
the 2023 
Annual Report – 
Business & Sustainability 
(Sustainability Report) 
. Eurobank 
identified, assessed, 
prioritised and 
validated the 
sustainability impacts 
arising from 
its 
activities and assessed risks and opportunities that may have material 
financial influence on Eurobank, 
throughout its value 
chain. 
For 
the 
current 
reporting 
year, 
the 
Group 
continues 
to 
adhere 
to 
ESRS, 
ensuring 
alignment 
with 
all 
applicable 
regulatory requirements. 
For 
more information 
regarding 
the 
internal control 
procedures 
for 
the identification 
and assessment 
of material 
impacts, 
risks, 
and 
opportunities, 
please 
refer 
to: 
1.3.2 
Information 
provided 
to 
and 
sustainability 
matters 
addressed 
by 
the 
undertaking's administrative, 
management and supervisory bodies [GOV 
-2]. 
1.5.2
 
Disclosure requirements in ESRS 
covered by the 
undertaking’s sustainability statement [IRO-2] 
Through the DMA process, 
Eurobank has determined that the 
following topics are not material to Eurobank’s operations 
and 
value chain: ESRS E2 - Pollution, 
E3 - Water 
and Marine Resources, E5 - Resource 
Use and Circular Economy, 
S2 - Workers 
in 
the Value 
Chain, and S3 - 
Affected Communities. 
This conclusion 
reflects Eurobank’s 
commitment to focusing 
on areas with 
the greatest impact and relevance 
to its stakeholders and business. 
The 
table 
below 
presents 
the 
progress 
made 
on 
implementing 
the 
provisions 
of 
the 
European 
Sustainability 
Reporting 
Standards: 
Nr.
Description
Reference 
Explanation
ESRS 2: General disclosures 
BP-1 
General basis for preparation 
of the sustainability 
statement 
1.1 Basis for 
Preparation 
BP-2 
Disclosures in relation to specific circumstances 
1.2 Disclosures in relation to specific 
circumstances 
GOV-1 
The role of the 
administrative, management and 
supervisory bodies 
1.3.1 The 
role of the administrative, 
management and supervisory 
bodies 

 
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Nr.
Description
Reference 
Explanation
GOV-2 
Information provided 
to and sustainability matters 
addressed by the undertaking’s administrative, 
management and supervisory bodies 
1.3.2 Information provided to and 
sustainability matters addressed by 
the undertaking's administrative, 
management and supervisory 
bodies 
GOV-3 
Integration of sustainability-related performance 
in 
incentive schemes 
1.3.3 Integration of sustainability-
related performance 
in incentive 
schemes [GOV-3] 
GOV-4 
Statement on due diligence 
1.3.4 Description of the due diligence 
on sustainability matters [GOV-4] 
GOV-5 
Risk management and internal controls over 
sustainability reporting 
1.3.5 Risk management and internal 
controls over 
sustainability 
reporting [GOV-5] 
SBM-1 
Strategy, business model and value chain 
1.4.1 Information 
on the market 
position and strategy of the 
company [SBM-1] 
SBM-2 
Interests and views of stakeholders 
1.4.3 Stakeholder interest and 
engagement [SBM-2] 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
1.4.4 Material impacts, risks and 
opportunities and their interaction 
with strategy and business model 
[SBM-3] 
Omission of anticipated financial 
effects for the 
first year of 
preparation 
IRO-1 
Description of the processes to identify and assess 
material impacts, risks and opportunities 
1.5.1 Description of the 
processes to 
identify and assess material 
impacts, risks and opportunities 
[IRO-1] 
IRO-2 
Disclosure requirements in ESRS covered 
by the 
undertaking’s sustainability statement 
1.5.2 Disclosure requirements in 
ESRS covered by the 
undertaking’s 
sustainability statement [IRO-2] 
MDR-P 
Policies adopted to manage material sustainability 
matters 
Policies analyzed per respective 
topic 
MDR-A 
Actions and resources in relation to material 
sustainability matters 
Actions analyzed per respective 
topic 
MDR-M 
Metrics in relation to material sustainability matters 
Metrics analyzed per respective 
topic 
MDR-T 
Tracking effectiveness 
of policies and actions through 
targets 
Targets analyzed per 
respective 
topic 
ESRS E1: Climate change
GOV-3 
Integration of sustainability-related performance 
in 
incentive schemes 
Integration of sustainability-related 
performance in incentive schemes 
[ESRS 2 GOV-3] 
E1-1 
Transition plan for 
climate change mitigation 
Transition plan for 
climate change 
mitigation [E1-1] 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Material impacts, risks and 
opportunities and their interaction 
with strategy and business model 
[ESRS 2 SBM-3] 
IRO-1 
Description of the processes to identify and assess 
material climate-related impacts, risks and 
opportunities 
Description of the processes to 
identify and assess material 
climate-related impacts, risks and 
opportunities [ESRS 2 IRO-1] 
E1-2 
Policies related to climate change mitigation and 
adaptation 
Policies related to climate change 
mitigation and adaptation [E1-2] 
E1-3 
Actions and resources in relation to climate change 
policies 
Actions and resources in relation to 
climate change policies [E1-3] 
E1-4 
Targets 
related to climate change mitigation and 
adaptation 
Targets 
related to climate change 
mitigation and adaptation [E1-4] 
E1-5 
Energy consumption and mix 
Energy consumption & mix [E1-5] 
E1-6 
Gross Scopes 1, 2, 3 and Total GHG emissions 
GHG Intensity based on net revenue 
Gross Scopes 1, 2, 3 and Total GHG 
emissions [E1-6] 
E1-7 
GHG removals and GHG mitigation projects financed 
through carbon credits 
GHG removals and GHG mitigation 
projects financed through carbon 
credits [E1-7]

 
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Nr.
Description
Reference 
Explanation
E1-8 
Internal carbon pricing 
Not applicable 
E1-9 
Anticipated financial effects from material physical 
and 
transition risks and potential climate-related 
opportunities 
Phased-in provision 
Omission of all information under 
this sub-topic for the first year of 
preparation 
ESRS E4: Biodiversity and ecosystems 
E4-1 
Transition plan and consideration 
of biodiversity and 
ecosystems in strategy and business model 
Information is disclosed in a manner that reflects the 
application of 
biodiversity matters for 
the financial services sector. 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
IRO-1 
Description of processes to identify and assess material 
biodiversity and ecosystem-related impacts, risks, 
dependencies and opportunities 
E4-2 
Policies related to biodiversity 
and ecosystems 
E4-3 
Actions and resources related to biodiversity 
and 
ecosystems 
E4-4 
Targets 
related to biodiversity and ecosystems 
E4-5 
Impact metrics related to biodiversity and ecosystems 
change 
E4-6 
Anticipated financial effects from biodiversity 
and 
ecosystem-related risks and opportunities 
ESRS S1: Own Workforce 
SBM-2 
Interests and views of stakeholders 
Stakeholder interest and 
engagement [SBM-2] 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Material impacts, risks and 
opportunities and their interaction 
with strategy and business model 
[ESRS 2 SBM-3] 
S1-1 
Policies related to own workforce 
Policies related to own workforce 
[S1-1] 
S1-2 
Processes for engaging with own workforce 
and 
workers’ representatives 
about impacts 
Processes for engaging with own 
workforce and workers’ 
representatives about impacts [S1-
2] 
S1-3 
Processes to remediate negative 
impacts and channels 
for own workers 
to raise concerns 
Processes to remediate negative 
impacts and channels for own 
workforce to raise 
concerns [S1-3] 
S1-4 
Taking action on material 
impacts on own workforce, 
and approaches to managing material risks and 
pursuing material opportunities related to own 
workforce, and effectiveness 
of those actions 
Action on material impacts on own 
workforce, and approaches 
to 
managing material risks and 
pursuing material opportunities 
related to own workforce, 
and 
effectiveness of those actions [S1-4] 
S1-5 
Targets 
related to managing material negative 
impacts, advancing positive impacts, and managing 
material risks and opportunities 
Targets 
related to managing 
material negative impacts, 
advancing positive impacts, and 
managing material risks and 
opportunities [S1-5] 
S1-6 
Characteristics of the undertaking’s employees 
Characteristics of employees [S1-6] 
S1-7 
Characteristics of non-employee workers 
in the 
undertaking’s own workforce 
Phased-in provision 
Omission of all information under 
this sub-topic for the first year of 
preparation 
S1-8 
Collective bargaining coverage 
and social dialogue 
Phased-in provision 
Omission of information about 
own employees in non-EEA 
countries for the first year of 
preparation 
S1-9 
Diversity metrics 
Diversity Metrics [S1-9] 
S1-10 
Adequate wages 
Adequate Wages [S1-10] 
S1-11 
Social protection 
Phased-in provision 
Omission of all information under 
this sub-topic for the first year of 
preparation

 
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Nr.
Description
Reference 
Explanation
S1-12 
Persons with disabilities 
Phased-in provision 
Omission of all information under 
this sub-topic for the first year of 
preparation 
S1-13 
Training and skills development metrics 
Training and skills development 
metrics [S1-13] 
Omission of all information under 
this sub-topic for the first year of 
preparation 
S1-14 
Health and safety metrics 
Health and safety metrics [S1-14] 
Omission of the data points on 
cases of work-related ill-health 
and on number of days lost to 
injuries, accidents, fatalities and 
work-related ill health and 
reporting on non-employees for 
the first year of preparation 
of its 
sustainability statement 
S1-15 
Work-life balance metrics 
Training and skills development 
metrics [S1-15] 
Omission of 
information under 
this sub-topic for the first year of 
preparation 
S1-16 
Remuneration metrics (pay gap and total 
remuneration) 
Remuneration metrics (pay gap and 
total remuneration) 
[S1-16] 
S1-17 
Incidents, complaints and severe human rights impacts 
Incidents, complaints and severe 
human right [S1-17] 
ESRS S-4: Consumers and end-users 
SBM-2 
Interests and views of stakeholders 
Stakeholder interest and 
engagement [SBM-2] 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Material impacts, risks and 
opportunities and their interaction 
with strategy and business model 
[ESRS 2 SBM-3] 
S4-1 
Policies related to consumers and end-users 
Policies related to consumers and 
end-users [S4-1] 
S4-2 
Processes for engaging with consumers 
and end-users 
about impacts 
Processes for engaging with 
consumers and end-users about 
impacts [S4-2] 
S4-3 
Processes to remediate negative 
impacts and channels 
for consumers and end-users to raise concerns 
Processes to remediate negative 
impacts and channels for consumers 
and end-users to raise concerns [S4-
3] 
S4-4 
Taking action on material 
impacts on consumers and 
end-users, and approaches to managing material risks 
and pursuing material opportunities related to 
consumers and end-users, and effectiveness 
of those 
actions 
Taking action on material 
impacts 
on consumers and end-users, and 
approaches to managing material 
risks, pursuing material 
opportunities related to consumers 
and end-users, and effectiveness of 
those actions [S4-4] 
S4-5 
Targets 
related to managing material negative 
impacts, advancing positive impacts, and managing 
material risks and opportunities 
Targets 
related to managing 
material negative impacts, 
advancing positive impacts, and 
managing material risks and 
opportunities [S4-5] 
ESRS G1: Business conduct 
GOV-1 
The role of the 
administrative, management and 
supervisory bodies 
The role of the 
administrative, 
management and supervisory 
bodies [ESRS 2 GOV-1] 
IRO-1 
Description of the processes to identify and assess 
material impacts, risks and opportunities 
Description of the processes to 
identify and assess material 
impacts, risks and opportunities 
[ESRS 2 IRO-1] 
G1-1 
Business conduct policies and corporate culture 
Business conduct policies and 
corporate culture [G1-1] 
G1-2 
Management of relationships with suppliers 
Not material 
G1-3 
Prevention and detection of corruption 
and bribery 
Prevention and detection of 
corruption and bribery [G1-3] 
G1-4 
Incidents of corruption or bribery 
Incidents of corruption or bribery 
[G1-4] 
G1-5 
Political influence and lobbying activities 
Not material

 
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Nr.
Description
Reference 
Explanation
G1-6 
Payment practices 
Not material 
Entity-specific: Integration of sustainability in risk management 
GOV-1 
The role of the 
administrative, management and 
supervisory bodies 
The role of the 
administrative, 
management and supervisory 
bodies [ESRS 2 GOV-1] 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Material impacts, risks and 
opportunities and their interaction 
with strategy and business model 
[ESRS 2 SBM-3] 
IRO-1 
Description of the processes to identify and assess 
material impacts, risks and opportunities 
Description of processes to identify 
and assess material impacts, risks 
and opportunities [ESRS 2 IRO-1] 
MDR-P 
Policies adopted to manage material sustainability 
matters 
Policies related to the integration 
of 
sustainability in risk management 
[MDR-P] 
MDR-A 
Actions and resources in relation to material 
sustainability matters 
Actions related to the integration 
of 
sustainability in risk management 
[MDR-A] 
MDR-M 
Metrics in relation to material sustainability matters 
Sustainability risk management 
metrics [MDR-M] 
MDR-T 
Tracking effectiveness 
of policies and actions through 
targets 
Sustainability risk management 
targets [MDR-T] 
Entity-specific: Sustainable financing and investment offerings 
GOV-1 
The role of the 
administrative, management and 
supervisory bodies 
The role of the 
administrative, 
management and supervisory 
bodies [ESRS 2 GOV-1] 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Material impacts, risks and 
opportunities and their interaction 
with strategy and business model 
[ESRS 2 SBM-3] 
IRO-1 
Description of the processes to identify and assess 
material impacts, risks and opportunities 
Description of processes to identify 
and assess material impacts, risks 
and opportunities [ESRS 2 IRO-1] 
MDR-P 
Policies adopted to manage material sustainability 
matters 
Policies on sustainable financing 
and investment offerings 
[MDR-P] 
MDR-A 
Actions and resources in relation to material 
sustainability matters 
Actions on sustainable financing 
and investment offerings 
[MDR-A] 
MDR-M 
Metrics in relation to material sustainability matters 
Metrics on sustainable financing 
and investment offerings 
[MDR-M] 
MDR-T 
Tracking effectiveness 
of policies and actions through 
targets 
Targets on 
sustainable financing 
and investment offerings 
[MDR-T] 
Entity-specific: Fostering innovation 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Description of material impacts, 
risks and opportunities and their 
interaction with strategy 
and 
business model [SBM-3] 
IRO-1 
Description of the processes to identify and assess 
material impacts, risks and opportunities 
Description of processes to identify 
and assess material impacts, risks 
and opportunities [ESRS 2 IRO-1] 
MDR-P 
Policies adopted to manage material sustainability 
matters 
Policies related to fostering 
innovation [MDR-P] 
MDR-A 
Actions and resources in relation to material 
sustainability matters 
Actions related to fostering 
innovation [MDR-A] 
MDR-M 
Metrics in relation to material sustainability matters 
Fostering Innovation 
metrics [MDR-
M] 
MDR-T 
Tracking effectiveness 
of policies and actions through 
targets 
Fostering innovation 
targets [MDR-
T] 
Entity-specific: Financial inclusion 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Description of material impacts, 
risks and opportunities and their 
interaction with strategy 
and 
business model [SBM-3]

 
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Nr.
Description
Reference 
Explanation
IRO-1 
Description of the processes to identify and assess 
material impacts, risks and opportunities 
Description of processes to identify 
and assess material impacts, risks 
and opportunities [ESRS 2 IRO-1] 
MDR-P 
Policies adopted to manage material sustainability 
matters 
Policies related to financial inclusion 
[MDR-P] 
MDR-A 
Actions and resources in relation to material 
sustainability matters 
Actions related to financial inclusion 
[MDR-A] 
MDR-M 
Metrics in relation to material sustainability matters 
Financial inclusion metrics [MDR-M] 
MDR-T 
Tracking effectiveness 
of policies and actions through 
targets 
Financial inclusion targets [MDR-T] 
Entity-specific: Data security and customer privacy 
GOV-1 
The role of the 
administrative, management and 
supervisory bodies 
The role of the 
administrative, 
management and supervisory 
bodies [ESRS 2 GOV-1] 
SBM-3 
Material impacts, risks and opportunities and their 
interaction with strategy 
and business model 
Description of material impacts, 
risks and opportunities and their 
interaction with strategy 
and 
business model [SBM-3] 
IRO-1 
Description of the processes to identify and assess 
material impacts, risks and opportunities 
Description of processes to identify 
and assess material impacts, risks 
and opportunities [ESRS 2 IRO-1] 
MDR-P 
Policies adopted to manage material sustainability 
matters 
Policies related to data security and 
customer privacy [MDR-P] 
MDR-A 
Actions and resources in relation to material 
sustainability matters 
Actions related to data security and 
customer privacy [MDR-A] 
MDR-M 
Metrics in relation to material sustainability matters 
Data security and customer privacy 
metrics [MDR-M] 
MDR-T 
Tracking effectiveness 
of policies and actions through 
targets 
Data security and customer privacy 
targets [MDR-T] 
The table below presents 
List of datapoints in cross-cutting and topical standards 
that derive from 
other EU legislation
: 
Disclosure Requirement and 
related datapoint 
SFDR reference 
Pillar 3 reference 
Benchmark regulation 
reference 
EU 
Climate 
Law 
reference 
Section 
ESRS 2 GOV-1 Board's gender 
diversity paragraph 
21 (d) 
Indicator number 13 of 
Table #1 of Annex 1 
Commission Delegated 
Regulation (EU) 
2020/1816, Annex II 
The role of the 
administrative, 
management 
and 
supervisory 
bodies [ESRS 2 
GOV-1] 
ESRS 2 GOV-1 Percentage of 
board members who are 
independent paragraph 21 (e) 
Delegated Regulation 
(EU) 2020/1816, Annex II 
The role of the 
administrative, 
management 
and 
supervisory 
bodies [ESRS 2 
GOV-1] 
ESRS 2 GOV-4 Statement on 
due diligence paragraph 30 
Indicator number 10 
Table #3 of Annex 1 
1.3.4 
Description of 
the due 
diligence on 
sustainability 
matters [GOV-
4] 
ESRS 2 SBM-1 Involvement in 
activities related to fossil fuel 
activities paragraph 40 (d) i 
"Indicators number 4 
Table #1 of Annex 1 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 ( 28 ) 
Table 1: 
Qualitative 
information on 
Environmental 
risk and Table 2: 
Delegated Regulation 
(EU) 2020/1816, Annex II 
1.4.1 
Information on 
the market 
position and 
strategy of the 
company 
[SBM-1]

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Disclosure Requirement and 
related datapoint 
SFDR reference 
Pillar 3 reference 
Benchmark regulation 
reference 
EU 
Climate 
Law 
reference 
Section 
Qualitative 
information on 
Social risk 
ESRS 2 SBM-1 Involvement in 
activities related to chemical 
production paragraph 
40 (d) ii 
Indicator number 9 Table 
#2 of Annex 1 
Delegated Regulation 
(EU) 2020/1816, Annex II 
1.4.1 
Information on 
the market 
position and 
strategy of the 
company 
[SBM-1] 
ESRS 2 SBM-1 Involvement in 
activities related to 
controversial weapons 
paragraph 40 (d) iii 
Indicator number 14 
Table #1 of Annex 1 
Delegated Regulation 
(EU) 2020/1818, Article 
12(1) Delegated 
Regulation (EU) 
2020/1816, Annex II 
1.4.1 
Information on 
the market 
position and 
strategy of the 
company 
[SBM-1] 
ESRS 2 SBM-1 Involvement in 
activities related to cultivation 
and production of tobacco 
paragraph 40 (d) iv 
Delegated Regulation 
(EU) 2020/1818, Article 
12(1) Delegated 
Regulation (EU) 
2020/1816, Annex II 
1.4.1 
Information on 
the market 
position and 
strategy of the 
company 
[SBM-1] 
ESRS E1-1 Transition plan to 
reach climate neutrality by 
2050 paragraph 14 
Regulation 
(EU) 
2021/1119, 
Article 2(1) 
Transition plan 
for climate 
change 
mitigation [E1-
1] 
ESRS E1-1 Undertakings 
excluded from Paris-aligned 
Benchmarks paragraph 16 (g) 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
Template 1: 
Banking book-
Climate Change 
transition risk: 
Credit quality of 
exposures by 
sector, emissions 
and residual 
maturity 
Delegated Regulation 
(EU) 2020/1818, Article 
12.1 (d) to (g), and 
Article 12.2 
Transition plan 
for climate 
change 
mitigation [E1-
1] 
ESRS E1-4 GHG emission 
reduction targets paragraph 
34 
Indicator number 4 Table 
#2 of Annex 1 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
Template 3: 
Banking book – 
Climate change 
transition risk: 
alignment 
metrics 
Delegated Regulation 
(EU) 2020/1818, Article 6 
Targets 
related to 
climate 
change 
mitigation and 
adaptation 
[E1-4] 
ESRS E1-5 Energy consumption 
from fossil sources 
disaggregated by sources (only 
high climate impact sectors) 
paragraph 38 
Indicator number 5 Table 
#1 and Indicator n. 5 
Table #2 of Annex 1 
Energy 
consumption 
& mix [E1-5] 
ESRS E1-5 Energy consumption 
and mix paragraph 37 
Indicator number 5 Table 
#1 of Annex 1 
Energy 
consumption 
& mix [E1-5] 
ESRS E1-5 Energy intensity 
associated with activities in 
high climate impact sectors 
paragraphs 40 to 43 
Indicator number 6 Table 
#1 of Annex 1 
Energy 
consumption 
& mix [E1-5] 
ESRS E1-6 Gross Scope 1, 2, 3, 
and Total GHG emissions 
paragraph 44 
Indicators number 1 and 
2 Table #1 of Annex 1 
Article 449a; 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Delegated Regulation 
(EU) 2020/1818, Article 
5(1), 6 and 8(1) 
Gross Scopes 
1, 2, 3 and 
Total GHG 
emissions [E1-
6] 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Disclosure Requirement and 
related datapoint 
SFDR reference 
Pillar 3 reference 
Benchmark regulation 
reference 
EU 
Climate 
Law 
reference 
Section 
Regulation (EU) 
2022/2453 
Template 1: 
Banking book – 
Climate change 
transition risk: 
Credit quality of 
exposures by 
sector, emissions 
and residual 
maturity 
ESRS E1-6 Gross GHG 
emissions intensity paragraphs 
53 to 55 
Indicators number 3 
Table #1 of Annex 1 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
Template 3: 
Banking book – 
Climate change 
transition risk: 
alignment 
metrics 
Delegated Regulation 
(EU) 2020/1818, Article 
8(1) 
Gross Scopes 
1, 2, 3 and 
Total GHG 
emissions [E1-
6] 
ESRS E1-7 GHG removals and 
carbon credits paragraph 56 
Regulation 
(EU) 
2021/1119, 
Article 2(1) 
GHG removals 
and GHG 
mitigation 
projects 
financed 
through carbon 
credits [E1-7] 
ESRS E1-9 Exposure of the 
benchmark portfolio to 
climate-related physical risks 
paragraph 66 
Delegated Regulation 
(EU) 2020/1818, Annex II 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Phased-in 
provision 
"ESRS E1-9 Disaggregation of 
monetary amounts by acute 
and chronic physical risk 
paragraph 66 (a) 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
paragraphs 46 
and 47; Template 
5: Banking book - 
Climate change 
physical risk: 
Exposures subject 
to physical risk. 
Phased-in 
provision 
ESRS E1-9 Location of 
significant assets at material 
physical risk paragraph 66 (c)" 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
paragraphs 46 
and 47; Template 
5: Banking book - 
Climate change 
physical risk: 
Exposures subject 
to physical risk. 
Phased-in 
provision 
ESRS E1-9 Breakdown of the 
carrying value of its real estate 
assets by energy-efficiency 
classes paragraph 67 (c) 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
paragraph 
34;Template 
2:Banking book -
Climate change 
transition risk: 
Loans 
collateralised by 
Phased-in 
provision 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Disclosure Requirement and 
related datapoint 
SFDR reference 
Pillar 3 reference 
Benchmark regulation 
reference 
EU 
Climate 
Law 
reference 
Section 
immovable 
property - Energy 
efficiency of the 
collateral 
ESRS E1-9 Degree of exposure 
of the portfolio 
to climate-
related opportunities 
paragraph 69 
Delegated Regulation 
(EU) 2020/1818, Annex II 
Phased-in 
provision 
ESRS E2-4 Amount of each 
pollutant listed in Annex II of 
the E- PRTR Regulation 
(European Pollutant Release 
and Transfer 
Register) emitted 
to air, water and soil, 
paragraph 28 
Indicator number 8 Table 
#1 of Annex 1 Indicator 
number 2 Table #2 of 
Annex 1 Indicator number 
1 Table #2 of Annex 1 
Indicator number 3 Table 
#2 of Annex 1 
Not material 
ESRS E3-1 Water and marine 
resources paragraph 
9 
Indicator number 7 Table 
#2 of Annex 1 
Not material 
ESRS E3-1 Dedicated policy 
paragraph 13 
Indicator number 8 Table 
2 of Annex 1 
Not material 
ESRS E3-1 Sustainable oceans 
and seas paragraph 14 
Indicator number 12 
Table #2 of Annex 1 
Not material 
ESRS E3-4 Total water recycled 
and reused paragraph 28 (c) 
Indicator number 6.2 
Table #2 of Annex 1 
Not material 
ESRS E3-4 Total water 
consumption in m3 per net 
revenue on own operations 
paragraph 29 
"Indicator number 6.1 
Table #2 of 
Not material 
ESRS 2- IRO 1 - E4 paragraph 
16 (a) i 
Indicator number 7 Table 
#1 of Annex 1 
Information is 
disclosed in a 
manner that 
reflects the 
application of 
biodiversity 
matters for 
the financial 
services 
sector. 
ESRS 2- IRO 1 - E4 paragraph 
16 (b) 
Indicator number 10 
Table #2 of Annex 1 
Information is 
disclosed in a 
manner that 
reflects the 
application of 
biodiversity 
matters for 
the financial 
services 
sector. 
ESRS 2- IRO 1 - E4 paragraph 
16 (c) 
Indicator number 14 
Table #2 of Annex 1 
Information is 
disclosed in a 
manner that 
reflects the 
application of 
biodiversity 
matters for 
the financial 
services 
sector. 
ESRS E4-2 Sustainable land / 
agriculture practices or policies 
paragraph 24 (b) 
Indicator number 11 Table 
#2 of Annex 1 
Information is 
disclosed in a 
manner that 
reflects the 
application of 
biodiversity 
matters for 
the financial 
services 
sector. 
ESRS E4-2 Sustainable oceans 
/ seas practices or policies 
paragraph 24 (c) 
Indicator number 12 
Table #2 of Annex 1 
Information is 
disclosed in a 
manner that 
reflects the 
application of 
biodiversity 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Disclosure Requirement and 
related datapoint 
SFDR reference 
Pillar 3 reference 
Benchmark regulation 
reference 
EU 
Climate 
Law 
reference 
Section 
matters for 
the financial 
services 
sector. 
ESRS E4-2 Policies to address 
deforestation paragraph 
24 (d) 
Indicator number 15Table 
#2 of Annex 1 
Information is 
disclosed in a 
manner that 
reflects the 
application of 
biodiversity 
matters for 
the financial 
services 
sector. 
ESRS E5-5 Non-recycled waste 
paragraph 37 (d) 
Indicator number 13 
Table #2 of Annex 1 
Not material 
ESRS E5-5 Hazardous waste 
and radioactive waste 
paragraph 39 
Indicator number 9 Table 
#1 of Annex 1 
Not material 
ESRS 2- SBM3 - S1 Risk of 
incidents of forced labor 
paragraph 14 (f) 
Indicator number 13 
Table #3 of Annex I 
Material 
impacts, risks 
and 
opportunities 
and their 
interaction 
with strategy 
and business 
model [ESRS 2 
SBM-3] 
ESRS 2- SBM3 - S1 Risk of 
incidents of child labor 
paragraph 14 (g) 
Indicator number 12 
Table #3 of Annex I 
Material 
impacts, risks 
and 
opportunities 
and their 
interaction 
with strategy 
and business 
model [ESRS 2 
SBM-3] 
ESRS S1-1 Human rights policy 
commitments paragraph 20 
Indicator number 9 Table 
#3 and Indicator number 
11 Table #1 of Annex I 
Policies 
related to own 
workforce 
[S1-
1] 
ESRS S1-1 Due diligence 
policies on issues addressed by 
the fundamental International 
Labour Organisation 
Conventions 1 to 8, paragraph 
21 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Policies 
related to own 
workforce 
[S1-
1] 
ESRS S1-1 Processes and 
measures for preventing 
trafficking in human beings 
paragraph 22 
Indicator number 1 Table 
#3 of Annex I 
Policies 
related to own 
workforce 
[S1-
1] 
ESRS S1-1 Workplace accident 
prevention policy or 
management system 
paragraph 23 
Indicator number 1 Table 
#3 of Annex I 
Policies 
related to own 
workforce 
[S1-
1] 
ESRS S1-3 
Grievance/complaints handling 
mechanisms paragraph 32 (c) 
Indicator number 5 Table 
#3 of Annex I 
Processes to 
remediate 
negative 
impacts and 
channels for 
own workforce 
to raise 
concerns [S1-3] 
ESRS S1-14 Number of fatalities 
and number and rate of work-
related accidents paragraph 
88 (b) and (c) 
Indicator number 2 Table 
#3 of Annex I 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Health and 
safety metrics 
[S1-14] 
ESRS S1-14 Number of days lost 
to injuries, accidents, fatalities 
or illness paragraph 88 (e) 
Indicator number 3 Table 
#3 of Annex I 
Phased-in 
provision 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Disclosure Requirement and 
related datapoint 
SFDR reference 
Pillar 3 reference 
Benchmark regulation 
reference 
EU 
Climate 
Law 
reference 
Section 
ESRS S1-16 Unadjusted gender 
pay gap paragraph 97 (a) 
Indicator number 12 
Table #1 of Annex I 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Remuneration 
metrics (pay 
gap and total 
remuneration) 
[S1-16] 
ESRS S1-16 Excessive CEO pay 
ratio paragraph 
97 (b) 
Indicator number 8 Table 
#3 of Annex I 
Remuneration 
metrics (pay 
gap and total 
remuneration) 
[S1-16] 
ESRS S1-17 Incidents of 
discrimination paragraph 103 
(a) 
Indicator number 7 Table 
#3 of Annex I 
Incidents, 
complaints 
and severe 
human right 
[S1-17] 
ESRS S1-17 Non-respect of 
UNGPs on Business and 
Human Rights and OECD 
paragraph 104 (a) 
Indicator number 10 
Table #1 and 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Delegated Regulation 
(EU) 2020/1818 Art 12 (1) 
Incidents, 
complaints 
and severe 
human right 
[S1-17] 
ESRS 2- SBM3 – S2 Significant 
risk of child labour or forced 
labour in the value chain 
paragraph 11 (b) 
Indicators number 12 and 
n. 13 Table #3 of Annex I 
Not material 
ESRS S2-1 Human rights policy 
commitments paragraph 17 
Indicator number 9 Table 
#3 and Indicator n. 11 
Table #1 of Annex 1 
Not material 
ESRS S2-1 Policies related to 
value chain workers paragraph 
18 
Indicator number 11 and 
n. 4 Table #3 of Annex 1 
Not material 
ESRS S2-1 Non- respect of 
UNGPs on Business and 
Human Rights principles and 
OECD guidelines paragraph 19 
Indicator number 10 
Table #1 of Annex 1 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Delegated Regulation 
(EU) 2020/1818, Art 12 
(1) 
Not material 
ESRS S2-1 Due diligence 
policies on issues addressed by 
the fundamental International 
Labor Organisation 
Conventions 1 to 8, paragraph 
19 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Not material 
ESRS S2-4 Human rights issues 
and incidents connected to its 
upstream and downstream 
value chain paragraph 36 
Indicator number 14 
Table #3 of Annex 1 
Not material 
ESRS S3-1 Human rights policy 
commitments paragraph 16 
Indicator number 9 Table 
#3 of Annex 1 and 
Indicator number 11 Table 
#1 of Annex 1 
Not material 
ESRS S3-1 non-respect of 
UNGPs on Business and 
Human Rights, ILO principles or 
and OECD guidelines 
paragraph 17 
Indicator number 10 
Table #1 Annex 1 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Delegated Regulation 
(EU) 2020/1818, Art 12 
(1) 
Not material 
ESRS S3-4 Human rights issues 
and incidents paragraph 36 
Indicator number 14 
Table #3 of Annex 1 
Not material 
ESRS S4-1 Policies related to 
consumers and end-users 
paragraph 16 
Indicator number 9 Table 
#3 and Indicator number 
11 Table #1 of Annex 1 
Policies 
related to 
consumers 
and end-users 
[S4-1] 
ESRS S4-1 Non-respect of 
UNGPs on Business and 
Human Rights and OECD 
guidelines paragraph 17 
Indicator number 10 
Table #1 of Annex 1 
Delegated Regulation 
(EU) 2020/1816, Annex II 
Delegated Regulation 
(EU) 2020/1818, Art 12 
(1) 
Policies 
related to 
consumers 
and end-users 
[S4-1] 
ESRS S4-4 Human rights issues 
and incidents paragraph 35 
Indicator number 14 
Table #3 of Annex 1 
Taking action 
on material 
impacts on 
consumers 
and end-users, 
and 
approaches to 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Disclosure Requirement and 
related datapoint 
SFDR reference 
Pillar 3 reference 
Benchmark regulation 
reference 
EU 
Climate 
Law 
reference 
Section 
managing 
material risks, 
pursuing 
material 
opportunities 
related to 
consumers 
and end-users, 
and 
effectiveness 
of those 
actions [S4-4] 
ESRS G1-1 United Nations 
Convention against Corruption 
paragraph 10 (b) 
Indicator number 15 
Table #3 of Annex 1 
Business 
conduct 
policies and 
corporate 
culture [G1-1] 
ESRS G1-1 Protection of 
whistle-blowers paragraph 
10 
(d) 
Indicator number 6 Table 
#3 of Annex 1 
Business 
conduct 
policies and 
corporate 
culture [G1-1] 
ESRS G1-4 Fines for violation of 
anti-corruption and anti-
bribery laws paragraph 24 (a) 
Indicator number 17 
Table #3 of Annex 1 
Delegated Regulation 
(EU) 2020/1816, Annex 
II) 
Incidents of 
corruption or 
bribery [G1-4] 
ESRS G1-4 Standards of anti-
corruption and anti-bribery 
paragraph 24 (b) 
Indicator number 16 
Table #3 of Annex 1 
Incidents of 
corruption or 
bribery [G1-4] 

 
 
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2. Environmental Information 
2.1 Disclosures pursuant to 
Taxonomy 
Regulation 
Disclosure pursuant to Article 8 of EU of Taxonomy 
Regulation (Regulation 2020/852) 
The EU Taxonomy 
Regulation (Regulation EU) 2020/852 of the European Parliament and of the Council was adopted in 2020 
by the European 
Parliament and represents 
an important step for 
the EU to achieve 
the Paris 
Agreement climate 
neutrality 
goals. 
It 
sets 
out 
the 
criteria 
to 
establish 
a 
common 
classification 
system 
for 
sustainable 
economic 
activities. 
The 
EU 
Taxonomy 
Regulation 
determines 
whether 
an economic 
activity is 
environmentally 
sustainable and 
requires 
financial and 
non-financial entities subject to the Non-Financial Reporting Directive 
(NFRD) to disclose the alignment of their 
activities. 
Article 8 of the Taxonomy 
Regulation prescribes that 
undertakings subject to the Non-Financial Reporting Directive 
(NFRD), 
including financial undertakings, 
publish to what 
extent their 
activities are 
associated with 
economic activities 
that qualify 
as environmentally sustainable under EU Taxonomy Regulation. Separate disclosures requirements 
and extensive criteria are 
in place for financial and non-financial undertakings under Article 8 of EU Taxonomy Regulation Delegated 
Act (Commission 
Delegated Regulation (EU) 2021/2178. 
For the 
years 2021 and 2022, financial undertakings 
subject to NFRD were 
required to disclose the 
proportion of taxonomy-
eligible and 
taxonomy non-eligible 
activities related 
to the 
environmental 
objectives 
of climate 
change adaptation 
(CCA) 
and climate change mitigation (CCM). 
In 2023, two new Delegated 
Acts issued by the European 
Commission were 
adopted: 
●
The 
Delegated 
Regulation 
2023/2485, 
which 
extends 
the 
number 
of 
eligible 
activities 
in 
the 
climate 
change 
adaptation and mitigation objectives. 
●
The Delegated 
Regulation 2023/2486, 
which establishes the 
technical screening criteria 
for the 
economic activities 
of the remaining four 
environmental objectives. 
For 
the current 
year, 
in accordance with 
the requirements 
of the EU 
Taxonomy 
Regulation and 
related Delegated 
Acts, this 
report includes the alignment 
of Eurobank’s activities with 
all six environmental objectives. 
However, 
it should be noted that 
the 
alignment 
data 
for 
the 
four 
additional 
environmental 
objectives 
presented 
below, 
rely 
on 
alignment 
KPIs 
that 
non-
financial undertakings have chosen to report on a voluntary 
basis: 
a.
Sustainable use and protection of water 
and marine resources, 
b.
Transition to a circular 
economy, 
c.
Pollution control 
and prevention, and 
d.
Protection and restoration 
of biodiversity and ecosystems. 
This 
is 
due 
to 
the 
fact 
that 
non-financial 
undertakings, 
whose 
prior-year 
data 
forms 
the 
basis 
for 
Eurobank’s 
alignment 
calculations, are required to report alignment for these objectives starting only from their 2024 disclosures, available in 
2025. 
In 
such 
case, 
the 
Group 
used 
the 
"best 
available 
data" 
approach, 
aligning 
its 
reporting 
methodologies 
with 
regulatory 
recommendations for 
handling incomplete or transitional data. 
With 
the gradual 
adoption of 
the new 
Corporate 
Sustainability Reporting Directive 
(CSRD) by 
large companies, 
small and 
medium 
listed 
companies 
and 
large 
companies 
outside 
the 
EU 
with 
significant 
activity 
in 
the 
EU, 
the 
Group's 
KPIs 
are 
expected to improve as the 
number of companies subject to this new directive 
will increase. 
Credit institutions publish the Green Asset Ratio (GAR), which determines the extent to which the Group’s assets finance and 
are invested 
in taxonomy-aligned 
economic activities, that 
is the 
ratio 
of the 
Group's taxonomy 
-aligned assets 
to covered 
assets (total assets excluding exposure to sovereigns, 
central banks and the 
trading portfolio). 
Moreover, 
as required by the 
EU Taxonomy 
Regulation, activities, to be taxonomy-aligned, 
must meet the specific taxonomy criteria 
and ensure that they 
cause no significant harm to any of the other 
environmental objectives 
(DNSH) and meet minimum social safeguards (MSS). 
Additional KPIs are required regarding 
the off-balance 
sheet exposures and specifically for 
financial guarantees to financial 
and non-financial undertakings (FinGuar KPI) and assets under management (AuM KPI). 
Integration of Taxonomy 
in the Group’s 
business strategy, 
operating model, products 
and customers 
In line with best established practices, 
the Group has integrated 
the requirements 
of the EU Taxonomy 
Regulation within its 
processes with key 
roles consisting of 
●
client engagement in the context of ESG/ Risk Assessment and Sustainable 
Finance Assessment, 
●
establishment 
and 
monitoring 
of sustainability 
risk and 
EU 
Taxonomy 
-related 
KPIs 
to ensure 
alignment 
with 
risk 
limits and sustainable financing strategy/targets as well 
as 
●
the development 
of relevant disclosures. 
As part of its Sustainability Strategy, 
the Group is implementing 
initiatives that 
will, among others, enable 
it to increase the 
share of taxonomy-aligned assets in the 
coming years: 
●
Development of sectoral near, mid and long-term financed emissions reduction pathways, in line with science-based 
decarbonisation pathways, 
in alignment with the Group’s 
Net Zero commitments. 
●
Performing 
perimeter 
analysis of Taxonomy 
-related 
sectors, counterparties 
and financings 
affecting 
the GAR 
and 

 
 
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developing action plans for 
increasing Taxonomy
-aligned financings in the future. 
●
Further 
integrating 
sustainability 
risks and 
sustainable 
financing considerations 
in the 
business 
planning process 
(e.g., project budgeting and prioritisation), 
to reflect the Group’s 
business strategy and relevant 
targets. 
Committed to 
being transparent 
about its 
approach 
and to 
ensure 
that 
decision- 
making is 
in line 
with best 
practices 
in 
environmental 
protection 
and 
sustainability, 
Eurobank 
has 
developed 
guiding 
frameworks, 
defining 
the 
approach 
and 
criteria for classifying its financing and investing activities 
as sustainable: 
The Sustainable Finance Framework 
Through 
its Sustainable 
Finance 
Framework 
(SFF), Eurobank 
is able 
to classify 
sustainable 
lending solutions 
offered 
to its 
clients, specifying the 
applied classification 
approach and 
the activities 
defined as eligible 
to access sustainable 
financing. 
The 
purpose of 
establishing the 
SFF is 
to provide 
a clear and 
comprehensive 
methodology 
for 
classifying, monitoring, 
and 
reporting 
sustainable 
financing 
in 
line 
with 
the 
Financed 
Impact 
Strategy. 
The 
SFF 
has 
drawn 
from 
international 
best 
practices 
and is 
based on 
two key 
guiding frameworks: 
The 
International 
Capital Market 
Association 
(ICMA) 
principles on 
sustainable financing 
(Green 
Bond Principles, 
Green Loan 
Principles and 
Sustainability-linked Bond 
Principles) and the 
EU 
Taxonomy. 
Eurobank will closely monitor the developments of 
the EU Taxonomy, to update its SFF as 
relevant. The SFF defines 
two levels of transaction 
alignment: 
●
SFF alignment - Fulfilment of criteria dictated by 
established market practice 
●
EU 
Taxonomy 
alignment 
- 
Fulfilment 
of 
criteria 
associated 
with 
each 
of 
the 
EU 
Taxonomy 
assessment 
steps 
(substantial contribution, DNSH, MSS) 
Through the dedicated 
purpose financing approach (i.e. where the use of proceeds is not known) 
the Eurobank assesses and 
classifies financings / transactions as “Not SFF aligned”, 
“SFF aligned” or “SFF & EU Taxonomy 
aligned”. 
For 
general 
purpose 
financing 
/ 
transactions 
(i.e. 
where 
the 
use 
of 
proceeds 
is 
not 
known), 
the 
SFF 
defines 
two 
other 
approaches: 
●
Company Business mix 
- Financing to 
companies that fulfil the eligibility green/ social 
criteria and derive the majority 
of their revenues 
from eligible activities. 
●
Sustainability-linked 
loans 
- 
Financing 
linked 
to 
ambitious 
and 
predefined 
Sustainability 
Performance 
Targets 
(SPTs). 
To adequately 
embed of sustainable financing and the SFF in its practices, 
the Group has developed 
governance structures 
and functions as well as a digital tool (SFF assessment 
tool) that facilitate 
the day-to-day implementation 
of the SFF. 
The 
SFF assessment 
tool supports 
the process 
of assessing 
the financings 
/ transactions 
against the 
criteria defined 
in the 
SFF and 
the 
EU Taxonomy. 
Through 
the 
SFF assessment 
tool, 
users categorise 
financing to 
the 
applicable 
eligible activity 
and are guided through the assessment steps which involve substantiating alignment with the criteria of each step, 
including 
Taxonomy 
alignment assessment (TSC, DNSH criteria, 
MSS). 
Approach for 
the preparation 
of disclosures relating to Article 8 of the 
Taxonomy 
Regulation 
The preparation 
of mandatory disclosure 
in taxonomy eligibility and alignment 
is based on the 
prudential consolidation for 
the 
Group. 
The 
consolidation 
is in 
accordance 
with the 
supervisory 
reporting of 
institutions 
according 
to the 
Commission 
Implementing Regulation (EU) 2021/451 (FINREP). 
The Group, 
upon reviewing its business 
activities, to map Taxonomy 
reporting requirements 
with its core activities, provides 
the key 
performance 
indicators (KPIs) 
and other 
disclosure requirements 
as laid down 
in the 
EU Taxonomy 
Regulation and 
the EU Taxon 
omy Delegated Act. 
For 2024, credit institutions 
shall disclose: 
●
The 
aggregate 
GAR for 
covered 
on-balance 
sheet 
assets and 
the 
breakdown 
by environmental 
objective 
and by 
type of counterparty. 
●
The percentage 
of their total assets that are 
excluded from the numerator 
and the denominator of the GAR. 
●
A complementary ratio 
on the level 
of association with Taxonomy 
-aligned economic activities of off 
-balance sheet 
exposures. 
These 
exposures 
include 
financial 
guarantees 
granted 
by 
the 
financial 
institution 
and 
assets 
under 
management. 
As 
per 
EU 
Taxonomy 
Regulation 
Delegated 
Act, 
the 
calculation 
of 
KPIs 
for 
off-balance 
sheet 
exposures shall 
consider financial 
guarantees 
granted by 
the 
credit institution 
and assets 
under management 
for 
guarantee and investee 
non-financial undertakings. Other 
off-balance sheet 
exposures such as commitments 
shall 
be excluded from that calculation. 
The application 
of the 
EU Taxonomy 
differs 
for general 
purpose financing and specific 
purpose financing (i.e. 
‘known use of 
proceeds’). 
General purpose financing 
For general 
purpose financing, the Group uses counterparties’ 
reported eligibility and alignment information from 
the latest 
published taxonomy information. 
Specifically for corporate 
counterparties, the Group 
uses actual information that has been 

 
 
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disclosed and collected by 
its counterparties reporting 
under NFRD up to the 
2023 reporting year 
and the CSRD 
from 2023 
onwards. 
In 
order 
to 
determine 
which 
companies 
are 
subject 
to 
NFRD, 
an 
assessment 
is 
carried 
out 
to 
determine 
that 
all 
of 
the 
following criteria are met; a) if the country of 
incorporation of the counterparty is in the EU, and 
b) whether the counterparty’s 
is either 
a listed 
company, 
a credit 
institution, 
or an 
insurance 
company, 
and c) 
whether 
the 
entity’s net 
revenue 
exceeds 
€40m or its total assets exceed €20m and d) the counterparty 
has over 500 employees. 
The identification 
of counterparties subject to NFRD and counterparties not subject to NFRD has been carried 
out based on 
internal customer segmentation 
in the core banking systems as well 
as external information. 
The 
Taxonomy 
-aligned assets 
presented include 
the reported 
alignment for 
exposures to 
non-financial companies 
subject 
to NFRD 
based on 
the 
Turnover 
and capital 
expenditure 
(CapEx) KPI 
published 
by 
the 
counterparties. 
The 
Taxonomy 
KPI 
operating 
expenses 
(OpEx) 
is 
not 
used 
for 
assessing 
Taxonomy 
-aligned 
activities, 
in 
accordance 
with 
EU 
Taxonomy 
Regulation 
Delegated 
Act For 
financial undertakings 
subject 
to NFRD, 
the 
Group’s 
exposures 
have 
been weighted 
to the 
counterparty’s proportion of Taxonomy 
-aligned assets. 
Financial and non-financial 
undertakings that 
do not 
meet the 
aforementioned 
requirements 
are identified 
as non-subject 
to NFRD. Undertakings that are not required to report under the EU Taxonomy regulation (non-NFRD) are not included in the 
calculation of eligible and aligned assets since estimations are 
not allowed in mandatory reporting. Therefore, 
assets on the 
Group’s 
balance 
sheet 
to 
non-NFRD 
undertakings 
are 
not 
assessed 
for 
taxonomy 
eligibility. 
Assets 
of 
non-NFRD 
counterparties, 
derivatives, 
hedge 
accounting 
and 
on-demand 
interbank 
loans 
are 
not 
included 
in 
the 
calculation 
of 
Taxonomy 
-eligible and Taxonomy 
-aligned assets. 
Specific purpose financing 
For 
specific 
purpose 
financing 
where 
the 
use 
of 
proceeds 
is 
known, 
project-specific 
KPIs 
are 
used 
in 
the 
assessment 
of 
Taxonomy 
-eligibility 
and 
Taxonomy 
-alignment 
to 
the 
extent 
that 
Taxonomy 
eligibility 
and 
Taxonomy 
alignment 
can 
be 
demonstrated 
for 
the 
underlying 
transaction. 
As 
part 
of 
Eurobank’s 
Sustainable 
Finance 
assessment 
process, 
we 
assess 
standalone 
dedicated 
purpose 
financings 
to 
evaluate 
alignment 
with 
the 
EU 
Taxonomy 
requirements. 
The 
assessment 
is 
carried 
out, based on available 
documentary evidence 
provided by 
the counterparties, 
required to 
ensure adherence 
to EU 
Taxonomy 
and 
based 
on 
applicable 
National 
Legislation 
in 
specific 
financing 
cases 
(i.e. 
Resilience 
and 
Recovery 
Fund 
investments, which embed the 
DNSH assessment). 
Other matters 
In relation 
to households, 
loans collateralised 
by residential 
real estate, 
loans granted 
for 
renovation 
purposes and 
loans 
granted with purpose to finance the purchase of 
vehicles were assessed for taxonomy-alignment. The Group is also reporting 
its exposure to economic activities related to fossil 
gas and nuclear energy according 
to Commission Delegated Regulation 
(EU) 2022/1214, which 
amended the 
EU Taxonomy 
Delegated Act. 
Hence, the 
taxonomy-non-eligible nuclear 
energy related 
activities 
are 
included 
in 
the 
denominator 
of 
Eurobank’s 
key 
performance 
indicators. 
The 
Group 
also 
uses 
the 
relevant 
templates included in the Delegated Act to disclose information 
for nuclear and fossil 
gas related activities. 
The Group’s 
approach for 
the disclosures 
prepared as of 31 December 
2024 reflects its understanding and 
interpretation of 
the EU Taxonomy 
requirements and 
is based on the 
best effort 
to adhere 
to the applicable 
regulations and new 
regulatory 
developments. In accordance with the European Commission guidance published in 
December 2023 FAQs, no estimates were 
included in the calculation of eligibility and alignment 
for mandatory disclosures presented. 
The 
Group 
continues 
its 
work 
on 
implementing 
the 
EU 
taxonomy 
requirements 
and 
further 
enhancing 
its 
reporting 
methodology to ensure transparency 
and completeness of the information 
disclosed as further 
robust information 
becomes 
available from counterparties. 
Results 
The Group’s 
total GAR based on turnover and total GAR based 
on CapEx, as at year-end 2024 cover 
the six climate-related 
EU environmental objectives 
and are presented in the summary below: 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Summary EU Taxonomy 
KPIs 
 
 
 
 
 
Million EUROS
Gross carrying 
amount 
Turnover 
KPIs 
Capex KPIs 
Taxonomy 
-eligible assets 
17,868 
24.6% 
19, 
408 
26.7% 
Taxonomy 
-aligned assets 
1,908 
2.6% 
2,658 
3.7% 
Assets
GAR- 
Covered 
assets 
in 
both 
numerator 
and 
denominator 
29,506 
Assets 
excluded 
from 
the 
numerator 
for 
GAR 
calculation (covered 
in the denominator) 
43,257 
Total GAR assets 
72,762 
Total assets 
102,567 
Impairment for 
loans and 
advances at 
amortised cost, 
debt instruments 
and other 
adjustments, according 
to 
EU taxonomy methodology
(1,417) 
Total 
assets 
according 
to 
the 
consolidated 
balance 
sheet as at 31 December 2024 
101,150 
The reported main and additional 
KPIs calculated on 31 December 2024 for 
the Group, including the 
reporting templates as 
set out 
in the 
EU Taxonomy 
Regulation, EU 
Taxonomy 
Regulation Delegated 
Act and the 
European Commission 
FAQs, 
are 
presented in the Appendix. 
Moreover, 
comparative information 
for 2023 is also reported, which 
have been adjusted to reflect newly issued 
guidance and 
interpretations of the 
existing EU taxonomy Regulation. The 
adjustments aim to ensure that our disclosures are fully 
aligned 
with the latest regulatory 
expectations, thereby 
enhancing the transparency 
and consistency of our reporting. 
2.2
Climate change [E1] 
2.2.1
Governance 
Integration of sustainability-related 
performance in incentive 
schemes [ESRS 2 GOV-3] 
Sustainability 
at 
Eurobank 
is 
deployed 
across 
a 
Sustainability 
Governance 
structure 
that 
addresses 
both 
regulatory 
requirements and voluntary 
commitments. Board oversight 
with respect to the Sustainability Strategy 
is addressed through 
the inclusion of Sustainability items in the 
Board Meetings agenda, as per international 
best practice. 
The 
Group 
has updated 
its 
Governance 
structure 
by 
introducing 
and defining 
the 
roles 
and responsibilities 
in relation 
to 
climate 
change 
and 
sustainability 
risks, 
embedding 
regulatory 
guidelines 
and 
market 
practices. 
The 
Group 
applies 
the 
elements 
of the 
three 
lines of 
defense 
model for 
the 
management of 
sustainability risks. 
The 
three 
lines of 
defense 
model 
enhances risk management and control 
by clarifying roles and responsibilities within 
the organisation. 
The 
Group 
has 
established 
a 
Remuneration 
Policy 
that 
is 
applicable 
to 
all 
Group 
employees 
and 
covers 
their 
total 
remuneration. 
The 
Remuneration 
Policy 
forms 
an 
integral 
part 
of 
the 
Group’s 
corporate 
governance 
practice 
and 
is 
developed 
in accordance 
with 
its 
operational 
model, 
business 
strategy, 
objectives, 
long-term 
interests 
of 
the 
Group 
and 
incorporates measures 
to avoid conflict of interest. 
The Remuneration 
Policy promotes 
sound and effective risk management 
and is consistent with the objectives of the 
Bank’s 
business and 
risk strategy, 
corporate 
culture 
and values, 
risk culture, 
with regard 
sustainability risk 
factors, 
including long 
term interests 
of the 
Group and 
the 
measures 
used to 
avoid conflicts 
of interest 
and should 
not encourage 
excessive 
risk-
taking on behalf of the Group. 
The 
Group 
ensures 
that 
remuneration 
practices 
are 
aligned 
with 
their 
overall 
risk 
appetite, 
taking 
into 
account 
all 
risks, 
including sustainability 
risks, reputational 
risks, as 
well as 
risks resulting 
from 
the 
mis-selling of 
products. 
More specifically, 
the Remuneration 
Policy has been designed in order 
to: 
●
Be consistent with and promote sound and effective 
risk management. 
●
Stimulate behaviours consistent with sustainability risks approach. 
●
Comply with the Group’s 
voluntary commitments. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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For the time being, the remuneration 
of members of the administrative, management and supervisory bodies is not assessed 
against GHG emission reduction targets, and thus 
no percentage of this year’s 
remuneration 
is linked with the 
achievement 
of sustainability targets. 
2.2.2
Strategy 
Transition 
plan for climate change mitigation 
[E1-1]
 
The 
Group 
supports 
the 
transition 
towards 
a 
sustainable 
economy 
and 
considers 
sustainability 
and 
addressing 
climate 
change as an opportunity. A key strategic 
objective is to adapt the Group’s 
business and operation in a way that addresses 
climate change 
challenges, accommodates 
social needs 
within its 
business model 
and safeguards 
prudent governance 
for 
itself 
and 
its 
counterparties, 
in 
accordance 
with 
supervisory 
initiatives, 
and 
following 
international 
standards 
and 
best 
practice. 
Following 
the 
completion of 
the 
onboarding of 
Hellenic Bank, 
during 2024, 
along with 
the 
upskilling achieved 
for 
the rest 
of International 
subsidiaries, the 
Group aims to 
align all entities’ 
Sustainability Strategies 
to converge 
to a Group-
wide Sustainability Strategy in both pillars. 
To this 
end, Eurobank 
has designed, approved 
and is currently 
implementing the 
Group’s Sustainability 
Strategy, 
including 
targets and commitments, along two key 
pillars: 
●
Operational Impact 
Strategy: Impact arising from 
the Bank’s operational 
activities and footprint in Greece
●
Financed Impact 
Strategy: 
Impact arising 
from 
the 
Bank’s lending 
and investing 
activities to 
specific sectors 
and 
clients
The 
operational 
impact 
strategy 
defines the 
operational 
sustainability priorities 
and objectives. 
The 
strategy 
is deployed 
through 
milestones and 
KPIs that 
support the 
annual and 
long-term 
targets 
set across 
multiple 
project 
streams, and 
key 
pillars spanning over 
the next 
decade. The 
operational 
impact strategy 
is developed 
and deployed 
along three 
pillars, key 
pillar of which is 
the environmental 
impact which aims at 
minimizing negative 
impact of Eurobank’s 
operations 
to promote 
environmental stewardship 
with a clear goal to attain climate neutrality. 
The underlying target of 
the environmental impact pillar is 
the achievement of Net Zero emissions 
from Eurobank’s operations 
by 2033 
for 
Scope 1 
& 2 
emissions and 
by 2050 
for 
Scope 3 
emissions, with 
2019 as 
the 
baseline year. 
Τhe action 
plan for 
achieving this target and tracking the progress 
against it, is informed by transition 
pathways that are aligned with the 
Paris 
Agreement target of limiting global 
warming to 1.5 
o
 
C. 
To 
achieve its operational 
Net Zero targets, the 
Bank has identified the following 
key decarbonisation 
levers: 
●
Promote energy 
efficiency and self-generation 
of electricity - Scopes 1 & 2: 
o
Action 
plan 
to 
reduce 
emissions 
from 
its 
operations 
by 
optimizing/upgrading 
the 
energy 
efficiency 
of 
its 
buildings. This 
includes technical 
interventions 
(i.e. LED 
light fixture 
installations, minimum 
energy 
class of 
A+ 
air 
conditioning 
and 
heat 
recovery 
ventilation 
systems) 
as 
well 
as 
system-level 
building 
upgrades 
and 
the 
replacement of carbon-intensive 
sources (i.e. heating oil). 
o
Energy self-production 
plan consisting of 
rooftop photovoltaic 
(PV) stations 
installed on 
Eurobank’s 
buildings 
and standalone PV parks developed on Eurobank 
property. 
o
Increase procurement 
of electricity sourced by Renewable Energy 
Sources (guarantees of origin). 
●
Electromobility – Scope 1 
o
Gradual increase 
of the share 
of plug-in/ electric vehicles 
in Eurobank’s 
fleet and installation 
of EV recharging 
infrastructure at buildings 
●
Minimise business travel 
– Scope 3 
o
Measures to 
reduce indirect 
emissions associated 
with transportation 
and business 
travel, 
where 
feasible, by 
introducing alternative 
methods such as teleconferencing 
●
Transition to cloud 
– Scopes 2 & 3 
o
Initiative for transitioning to cloud computing which 
will result in 
the reduction of electricity usage 
from physical 
servers. 
The targets 
that have 
been in place 
for the 
achievement 
of the 
operational 
Net Zero 
commitment for 
Scope 1 & 
2 by 2033 
and for Scope 3 by 2050 commitment are 
the following: 
●
Establish a centralized web 
-based Platform for 
energy, 
emissions and environmental Data 
by 2025. 
●
Implement energy self-production 
activities: 
o
Installation of roof-top PVs 
on Eurobank buildings by 2024 
o
Develop standalone PV parks by 2028 
●
Electromobility: >25% 
of leased vehicles to 
be EV or hybrid (new 
contracts) by 2024 
and >75% of leased vehicles 
to 
be EV or hybrid (new contracts) by 2028. 
●
Calculation of emissions savings due to data centre 
modernization by 2024 
●
Completion of the initiative 
"Journey to Cloud" by 2025 
●
100% of electricity consumed to be originated from RES by 
2028 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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●
Energy efficiency upgrade 
of buildings that contribute to Scope 1 & 2 emissions by 2030 
●
Increase the number of certified 
green buildings in Eurobank's building portfolio 
by 10 by 2030 (baseline 2023) 
●
Acknowledge the Acharnes building 
as a model environmental building by 2025 
●
Monitor, certify, 
disclose and optimize emissions of Scope 1, 
Scope 2 and Scope 3 Operational in line with regulation 
and all applicable categories of GHG Protocol 
by 2025 
●
Carbon credits (nature-based carbon removal projects 
in line with SBTi) for the entirety of natural 
gas emissions, up 
to 3% of the total Bank emissions (Scope 1 & 2) by 2025 
●
Develop Long-term Energy 
Plan (including self-production and PPA 
options) by 2025 
●
Maintain and update 
detailed Operational 
Net Zero 
Action Plan (SBTi 
aligned, baseline year 
2019) for 
Scope 1 & 2 
(Net-Zero by 2033) and for 
Scope 3 (Net-Zero by 2050). 
The 
operational 
Net Zero 
action plan 
is complemented 
by milestones, 
KPIs, annual 
targets and 
long-term 
interim targets, 
serving 
the 
declared 
commitments. 
Links 
are 
established 
with 
Transformation 
streams 
as 
well 
as 
corresponding 
ISO 
Management System standards, to 
ensure substantiation and certification of activities, 
validate target setting 
and measured 
performance, 
and systematically monitor progress 
through internal reviews 
and external assurance. 
2024 was the third year of implementation 
of Eurobank’s operational 
impact strategy, 
with the following 
completed actions 
demonstrating progress: 
●
Update 
of 
the 
operational 
Net 
Zero 
Roadmap 
and 
transition 
curves 
with 
2023 
data, 
in 
line 
with 
the 
transition 
pathways that are aligned 
with the Paris Agreement 
target of limiting global warming to 1.5 
o
 
C. 
●
Verified operational 
carbon footprint for 
2023 as per ISO 14064, in line with National Climate 
Law stipulations. 
●
Considerable 
reduction 
of 5.04% 
in purchased 
electricity consumption, 
reduction 
of 10.16% 
of equivalent 
Scope 2 
emissions and 
reduction of 
13.15% 
of equivalent Scope 
1 &2 emissions 
(surpassing the 
4.7% 2024 target) 
in 2024, 
compared to 2023. 
●
97.96% 
of total electricity consumed 
in 2024 was sourced 
from Renewable 
Energy Sources 
(certified guarantees 
of 
origin and self-production). 
●
94.79% 
of Eurobank's 
leased 
vehicles 
are 
plug-in/electric 
(new 
contracts), 
as part 
of its 
efforts 
to accelerate 
the 
complete replacement of its fleet with electric 
or hybrid vehicles. 
●
Additional chargers for 
electric vehicles were installed in central 
buildings. 
●
Eurobank certified 
its new Headquarters Building with LEED (Gold) and increased its certified 
green buildings to 20 
(LEED, BREEAM certifications). 
●
Photovoltaic (PV) installations have been 
completed under the Net 
Metering principle in 
the Nea Ionia 
and Acharnes 
buildings during 2023, Energy self-production 
started in May 2024 in N. Ionia complex and in 
July 2024 in Acharnes 
building. Energy self-production 
of 787.87 
MWh from solar panels. 
●
In 2024, the environmental 
licensing process for 
two PV standalone parks in central 
Greece was initiated. 
●
Completion of Eurobank’s Energy 
profiling Report in the framework 
of the development 
of a long-term energy plan 
for Bank’s building portfolio. 
The Group recognises that the 
most significant part of its impact 
on climate arises from the financing it extends to its clients. 
Therefore, 
the 
second 
pillar 
of 
its 
Sustainability 
Strategy, 
Financed 
Impact 
Strategy, 
evolves 
around 
the 
following 
key 
components: 
●
Sustainable 
financing: 
Development 
of 
strategies 
that 
will 
promote 
the 
green 
transition 
of 
the 
Group’s 
clients 
through sustainable financing. 
●
Portfolio 
alignment
: 
Gradual alignment of 
the Group’s 
portfolio 
with sectoral 
transition pathways 
that are aligned 
with the 1.5°C climate transition 
scenario. 
●
Net Zero 
strategy: 
Sectoral 
decarbonisation 
targets covering 
the 
Group’s 
lending portfolios, 
with phased 
target-
setting up to 2050. 
In line with its commitment to address climate 
change, the Group has joined 
the Net-Zero 
Banking Alliance (NZBA), a bank-
led, UN-convened 
alliance of 
banks worldwide, 
reinforcing 
its dedication 
to aligning 
its lending 
and investment 
portfolios 
with net-zero 
emissions by 2050 or sooner, 
in line with the most ambitious targets set by 
the Paris Climate Agreement. 
As a 
result, 
the 
Group 
is now 
taking the 
next step 
to identifying 
and disclosing 
its first 
set of 
sectoral 
Net Zero 
targets. In 
doing so, it 
aims to actively 
support the 
decarbonisation 
policy agenda 
and play a 
pivotal 
role 
in channeling capital 
flows 
towards the 
transition of key 
sectors in the short, 
medium and long-term time 
horizons. Specifically, 
the Group 
has initiated 
the process of developing sectoral, financed emissions reduction targets based on the NZBA 
framework, for some of the most 
carbon-intensive and, therefore, 
most relevant and impactful sectors and portfolios. 
It approaches its target setting process 
on a 
sector/portfolio basis, to factor in specific 
elements of the climate 
transition. It also adheres to 
proven industry standards 
(e.g. NZBA, PCAF) and accredited science-based decarbonisation 
scenarios, in line with a 1.5
o
C objective by 2050. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Based 
on 
the 
NZBA 
framework, 
the 
Group 
has 
identified 
its 
priority, 
carbon 
intensive 
sectors, 
representing 
a 
significant 
proportion of 
its financed emissions, 
and is developing 
its 2030 emission 
reduction targets. 
The first 
wave of sector 
targets 
will be finalised within 2025, including phased target setting up to 2050, and operationalization of its Net Zero 2030 targets. 
The activity 
of the 
Group is 
part of the 
EU Paris-aligned 
Benchmark activities. As 
part of the 
Pillar 3 disclosures, 
the Group 
discloses the counterparties in its portfolio that are excluded from the Paris Aligned Benchmark (Consolidated Pillar 3 Report 
- 11.4.1 Template 1: Banking book - Climate 
Change transition risk: Credit quality 
of exposures by sector, emissions and 
residual 
maturity). 
Material impacts, risks and opportunities and their interaction 
with strategy and business model [ESRS 
2 SBM-3] 
The Group 
identifies and assesses sustainability-related 
risks, including Climate-Related and Environmental 
risks, within the 
context of the Risk Identification and Materiality Assessment (RIMA) process, 
which is performed at least on an annual basis, 
or ad-hoc, if necessary. Through the RIMA process, the Group identifies material risks that could potentially have a significant 
adverse impact on its financials, capital base, liquidity 
position or business model, as well as 
identifies any possible emerging 
risks that 
the 
Group 
might be 
exposed to. 
In this 
context, the 
Group 
takes 
into consideration 
several 
different 
sources 
to 
identify new 
risks, such as 
the Single 
Supervisory Mechanism 
(SSM), the 
Supervisory Priorities, 
the EU 
& national 
legislation 
changes, developments 
in the 
regulatory 
landscape in 
general, 
along with 
EBA Guideline 
or Basel 
Committee on 
Banking 
Supervision (BCBS) reports. 
The 
Group 
has 
identified 
as 
sustainability 
risks, 
the 
risks 
deriving 
from 
potential 
loss 
or 
negative 
impact 
to 
the 
Group, 
including loss/damage to physical assets, disruption 
of business or system failures, 
transition expenditures 
and reputational 
effects from 
the adverse consequences 
of climate change and environmental degradation. 
As sustainability 
risks interact 
with other 
risks and result 
in both 
direct distributional 
impacts and 
indirect macroeconomic 
impacts, 
the 
Group 
understands 
that 
careful 
consideration 
of the 
cross-cutting 
nature 
thereof 
is necessary 
to ensure 
the 
appropriate implementation 
of adaptation activities. Thus, the 
Group considers sustainability risks as drivers 
of existing risk 
types, undertaking a holistic and systemic approach when examining the complex links between sustainability risks and 
both 
financial 
and 
non-financial 
risks. 
Eurobank 
has 
integrated 
sustainability 
risks 
elements 
into 
its 
existing 
risk 
management 
processes, creating additional 
procedures, policies 
and tools so that these risks can be properly 
identified and measured. 
The 
Group 
has identified 
the 
risk drivers 
related 
to climate 
change and 
environmental 
degradation, 
through 
internal 
and 
external sources 
of knowledge, that 
are most relevant 
for the 
business environment 
in which it operates. 
In this context, the 
Group has identified the following 
list of climate-related and environmental 
risk drivers: 
Climate-related risks 
Transition 
risk 
Financial loss 
that 
can 
result, 
directly 
or indirectly, 
from 
the 
process 
of 
adjustment 
towards 
a 
lower-carbon 
and 
more 
environmentally 
sustainable 
economy. 
This 
transition 
may 
entail extensive behavioral, 
policy and regulatory, 
as well as 
technological 
changes, 
to 
address 
mitigation 
and 
adaptation 
requirements 
relating 
to 
impacts 
deriving 
from 
climate 
change and 
environmental 
risks. 
Depending on 
the 
nature, 
speed, 
and 
focus 
of 
these 
changes, 
transition 
risks 
may pose varying 
levels of 
financial and reputational 
risk to 
organisations 
Physical risk 
Financial 
impact 
of 
a 
changing 
climate, 
including 
more 
frequent 
extreme 
weather 
events 
and 
gradual 
changes 
in 
climate, as well as the impact of environmental degradation, 
such 
as 
air, 
water 
and 
land 
pollution, 
water 
stress, 
biodiversity loss and deforestation
.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Behavioural Changes 
Behavioral 
changes of consumers, 
suppliers, employees 
and 
investors 
could 
trigger 
shifts 
in 
supply 
and 
demand 
for 
certain 
commodities, 
products, 
services 
and 
capital 
as 
climate-related 
and 
environmental 
risks 
and 
opportunities 
are 
increasingly 
taken 
into 
account. 
Changing 
client 
or 
community perceptions 
of an 
organisation’s 
contribution to 
or detraction from the transition 
to a lower-carbon economy 
and developments 
aimed at halting 
or reversing 
damage to 
nature, 
can 
all 
result 
in 
decreased 
revenue, 
changes 
in 
the 
revenue 
mix 
and 
major 
capex 
requirements, 
while 
they 
are 
also 
a 
potential 
source 
of 
reputational 
risk 
for 
many 
corporates. 
Acute Hazards 
Extreme weather 
-related events 
such as storms, 
floods, fires 
or 
heatwaves 
and 
other 
environmental 
hazards 
such 
as 
geologic events 
or changes in ecosystem 
equilibria (e.g., soil 
pollution) that 
may damage production/ 
operation 
facilities 
and disrupt value chains. 
Policy & Regulatory Changes 
The objectives of policy 
actions and regulatory requirements 
generally fall 
into two categories: 
1.
Policy 
actions 
that 
aim 
at 
constraining 
actions 
that 
contribute to the adverse 
effects of climate change (e.g., 
implementing 
carbon-pricing 
mechanisms 
to 
reduce 
greenhouse 
gas 
emissions, 
energy 
use 
toward 
lower 
emission 
sources) 
and 
environmental 
degradation 
(e.g. 
restrictions 
on water 
consumption levels, 
ban of 
certain 
environmentally damaging materials/chemicals). 
2.
Policy 
actions 
that 
seek 
to 
promote 
adaptation 
to 
climate 
change 
(e.g., 
adopting 
energy-efficiency 
solutions, 
encouraging 
greater 
water 
efficiency 
measures, 
and 
promoting 
more 
sustainable 
land-use 
practices) 
and 
environmental 
degradation 
(e.g. 
more 
efficient water management 
practices). 
Both the 
nature and the 
timing of policy changes 
determine 
the extent of the associated risk and its subsequent financial 
impact. 
Another 
important 
risk 
is 
litigation 
or 
legal 
risk. 
As 
the 
value 
of loss 
and damage 
arising from 
climate 
change 
and environmental 
degradation 
grows, 
litigation risk 
is also 
likely to increase. 
Chronic Hazards
Progressive 
shifts, such as increasing temperatures, 
sea level 
rise, water 
stress, biodiversity 
loss, land use 
change, habitat 
destruction and 
resource 
scarcity. 
This can 
directly result 
in, 
for example, damage to property or reduced 
productivity, or 
indirectly 
lead to 
subsequent events, 
such as 
the 
disruption 
of supply chains 
Technological 
Changes 
Technological 
improvements 
or innovations that support the 
transition 
to 
a 
lower-carbon, 
energy 
efficient 
economic 
system as well as 
the substitution of products or services with 
a lower / improved impact on nature or reduced dependency 
on nature can have a significant impact on organisations, as 
different 
industries may encounter 
difficulties in adapting to 
technology 
advancements 
toward 
greener 
practices. 
For 
example, the development and use of 
emerging technologies 
such as renewable energy, battery storage, energy efficiency, 
and 
carbon 
capture 
and 
storage 
will 
affect 
certain 
organisations, 
their 
production 
and 
distribution 
costs, 
and 
ultimately the 
demand for 
their 
products 
and services 
from 
end 
users. 
The 
timing 
of 
technology 
development 
and 
deployment is also a key uncertainty in assessing technology 
risk.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Environmental Risks 
Water Scarcity 
Water 
scarcity 
is 
assessed 
in 
the 
context 
of 
environmental 
risk. 
However, 
environmental 
risk 
is 
not 
further 
split 
into 
physical and transition hazards at this stage, due to a lack 
of 
appropriate 
data 
and 
the 
overall 
early 
stage 
of 
the 
corresponding 
environmental 
risk 
management 
framework; 
rather, 
water 
scarcity 
assessment 
embodies 
both 
components 
altogether. 
The 
analysis 
for 
environmental 
hazards 
will 
resemble 
the 
analysis 
for 
climate 
risk 
going 
forward, as the 
risk environment matures. 
Biodiversity Loss 
Biodiversity 
loss 
as 
a 
relevant 
risk 
for 
its 
operations. 
Biodiversity loss is an average loss in biological diversity over 
time and/or space that leads to a decline in the ability of the 
natural 
world 
to generate 
flows of 
ecosystem services, 
with 
negative 
economic 
impacts 
on 
individuals, 
households, 
organisations and countries. 
As the global financial sector is increasingly recognising the importance of understanding 
and managing sustainability risks, 
scenario 
analysis 
has 
emerged 
as 
a 
valuable 
tool 
for 
assessing 
the 
potential 
impacts 
of 
climate 
change 
on 
financial 
institutions. 
Scenario 
analysis enables 
Eurobank 
to 
evaluate 
its resilience 
and adaptability 
in 
different 
climate-related 
scenarios. 
The 
methodological 
approach adopted allows 
to measure impacts, 
based on different 
scenarios and time 
horizons (2030, 2040 
and 2050). The study aims to enhance Group’s 
understanding of climate-related risks, inform strategic 
decision making, and 
facilitate the integration 
of climate considerations 
into its risk management framework. 
The 
purpose 
of 
the 
scenario 
analysis 
is 
to 
inform 
the 
Group 
to 
proactively 
identify 
potential 
vulnerabilities, 
seize 
opportunities, 
and align 
its 
business 
strategies 
with 
the 
transition 
to a 
low-carbon 
economy. 
The 
integration 
of 
scenario 
analysis, 
plays a 
crucial role 
in shaping 
its strategy, 
by 
providing 
valuable 
insights into 
the 
potential 
impacts 
of climate-
related risks and opportunities on its financial performance 
and long-term sustainability. 
Forward-looking 
analysis is especially important, 
but also challenging. Efforts 
to mitigate and adapt 
to climate change 
are 
without historical precedent, 
and many aspects regarding 
the timing and magnitude 
of climate change in specific 
contexts 
are uncertain. 
The 
set of 
scenarios 
that are 
utilised by 
the 
Group, 
include four 
representative 
scenarios 
by the 
Network for 
Greening the 
Financial System 
(NGFS) and 
two Representative 
Concentration 
Pathways 
(RCPs) climate 
scenarios. 
More specifically, 
the 
scenarios used are: 
NGFS scenarios 
Representative Concentration 
Pathways (RCPs) 
climate scenarios 
1.
Orderly: Net Zero 2050
, where climate 
policies involve early, 
ambitious action and the impacts are 
low for both physical 
and 
transition Risks 
1.
RCP2.6,
 
that incorporates strong 
climate 
policies and limit the increase in average 
global temperature 
to below 2
o
C. 
2.
Disorderly:
Delayed Transition
, in which climate policies are not 
introduced until 2030 and the 
outcome has a higher impact on 
transition risk. 
3.
Hot house word: Current 
Policies
, with limited climate policies 
and severe physical 
risks and irreversible 
changes, including 
higher sea level 
2.
RCP8.5, 
implying strong climate changes 
and the necessity of strong 
adaptation to 
the new conditions 
4.
Too-little-too-late: Fragmented 
World
, in which delayed and 
divergent climate policy 
ambition globally, 
leads to elevated 
transition risks due to the overall 
ineffectiveness 
of the 
transition. 
The scenario analysis informs 
the Group’s strategy 
and decision making. The results 
which provide a comparison of financial 
evolutions 
by sectors and geographies 
over 
a range of scenarios 
and time horizons, indicate 
that Group’s 
strategy remains 
adaptive. 
2.2.3
Impact, risk and opportunity management 
Description of the processes to identify and assess material climate-related impacts, risks and 
opportunities [ESRS 2 IRO-
1]
Eurobank identifies material impacts, risks, 
and opportunities related to 
climate—such as climate change 
adaptation, climate 
change mitigation and energy 
—through a comprehensive 
DMA. This approach integrates 
industry benchmarks, stakeholder 
insights, and financial relevance to ensure 
a robust evaluation 
of climate-related topics. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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The impacts, risks and opportunities associated with 
Climate change are displayed in the 
table below: 
Climate change adaptation 
Impact 
Positive 
Actual 
Eurobank 
actively 
contributes 
to 
GHG 
reduction 
ambitions 
and 
targets, 
set 
by 
the 
EU, 
regulations, central 
governments, and other 
bodies, through its sustainable financings and 
integration of climate risk in the 
risk management framework. 
Negative 
Potential 
Eurobank’s 
business 
strategy 
may 
encompass 
the 
continuation 
of 
financing 
to 
carbon-
intensive sectors. 
Risk
The 
actions 
required 
by 
Eurobank’s 
clients 
to 
address 
climate 
change 
mitigation 
and 
adaptation 
requirements 
relating 
to 
impacts 
deriving 
from 
climate 
change 
may 
impact 
Eurobank’s credit risk. 
Opportunity
Meeting climate objectives linked to legal, regulatory and 
other stakeholders’ 
requirements 
for 
Eurobank’s 
clients, entails 
the opportunity 
for 
Eurobank 
to finance 
the 
transition 
of its 
clientele. 
Climate change mitigation 
Impact 
Positive 
Actual 
Eurobank implements a robust 
climate change mitigation strategy aiming to minimise 
the 
consequences of climate change for its portfolio. 
Negative 
Actual 
Eurobank’s 
portfolio 
faces 
negative 
impacts 
due 
to 
the 
absence 
of 
a 
climate 
change 
mitigation strategy. 
Risk 
The 
actions 
required 
by 
Eurobank’s 
clients 
to 
address 
climate 
change 
mitigation 
and 
adaptation 
requirements 
relating 
to 
impacts 
deriving 
from 
climate 
change 
may 
impact 
Eurobank’s credit risk. 
Opportunity 
Meeting climate objectives linked to 
legal, regulatory and other stakeholders’ requirements 
for Eurobank’s 
clients, entails 
the opportunity 
for Eurobank 
to finance 
the transition 
of its 
clientele. 
Energy 
Impact 
Positive 
Actual 
Eurobank 
implements 
measures 
to 
reduce 
energy 
consumption, 
leading 
to 
enhanced 
efficiency in operations. 
Negative 
Actual 
Eurobank 
contributes to 
climate change 
through 
its in-house 
operations 
that contribute 
to the release of emissions. 
Eurobank 
has performed 
an in-depth 
analysis regarding 
climate change 
transition 
and physical 
risks within 
the 
context of 
the Task 
Force 
on Climate-related Financial Disclosures (TCFD) 
recommendations. 
The 
analysis 
aims 
to 
enhance 
Eurobank’s 
understanding 
of 
sustainability 
risks, 
inform 
strategic 
decision-making, 
and 
facilitate 
the 
integration 
of 
climate 
considerations 
into 
its 
risk 
management 
framework, 
as 
well 
as 
to 
inform 
Eurobank’s 
approach on identifying vulnerabilities, 
seizing opportunities and aligning business strategies 
within the context of the 
Task 
Force 
on 
Climate-related 
Financial 
Disclosures 
(TCFD) 
recommendations. 
Please 
refer 
to 
the 
latest 
TCFD 
report 
,
Group’s 
“Climate - related & Environmental 
Risk Report” “4.4 CR&E Risks Scenario Analysis” chapter
. 
Transition 
risk impacts 
The Group explored 4 different 
scenarios (stated in section 2.2.2.) as part 
of its strategic planning and risk management with 
time horizons up to 2050. The 
overview of horizontal impacts includes 
the following: 
●
Overall, 
the net impact on the economic activity (GDP) of Greece 
is found to be small but negative in the long term 
in all scenarios examined, compared with Hot House 
World Scenario. However, 
changes in the energy system in any 
scenario examined 
do not have 
any critical impact 
on the structural 
growth drivers 
of the economy 
hence a stable 
economic growth is projected 
in all scenarios examined. 
●
The low ambition scenarios 
do not have any significant impact in the 
short term. 
●
Positive 
impacts 
are 
brought 
into 
the 
economy 
mainly 
through 
energy 
efficiency 
improvements 
as 
these 
are 
characterized 
by 
high 
multipliers 
and 
domestic 
content. 
Energy 
efficiency 
improvements 
mainly 
addresses 
the 
construction sector 
(domestic capacity) 
that is 
characterized 
by a 
high output 
and employment 
multiplier. 
Energy 
efficiency improvements 
also reduce the 
dependency on imported fossil fuels and on electricity. 
●
In the 
high ambition 
scenarios, the 
Greek economy 
is benefited from 
reducing its 
dependency on fossil 
imports as 
gradually its system is fully decarbonized. 
However 
increased penetration of RES 
further burdens 
the trade balance 
as most of the equipment is imported. 

 
 
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●
The 
impact on 
household income 
is mixed: 
An increase 
in employment 
in high 
value-added sectors 
takes place 
in 
order to support the deployment 
of clean energy technologies. A decrease in employment in brown 
sectors leads to 
skills shortage 
and increasing 
unemployment 
in ages 
where 
upskilling – 
reskilling 
has low 
potentials – 
leading to 
long term unemployment. The 
impacts are highly contrasted among regions within Greece 
although the net impact 
is small. 
●
The 
key 
sector 
benefiting 
in 
the 
high 
ambition 
scenarios 
are 
the 
power 
generation 
utilities. 
Significant 
positive 
effects 
on 
electricity 
production 
driven 
by 
the 
electrification 
of 
the 
energy 
system 
(despite 
the 
energy 
efficiency 
improvements 
the 
electrification 
of 
the 
economy 
is 
significant 
– 
in 
particular 
through 
the 
electrification 
of 
the 
transport sector the net demand for 
electricity increases significantly). 
●
Negative 
impacts are 
mainly driven 
by 
import requirements 
(assuming 
that 
the 
market 
share 
of Greece 
in clean 
energy 
technologies 
will 
not 
change 
considerably 
in 
the 
future 
– 
significant 
share 
of 
the 
equipment 
required 
to 
decarbonize the energy 
system is imported – PV, 
wind turbines, electric vehicles, batteries). 
Key outcomes from 
the transition risk scenario 
analysis include the following: 
●
Low ambition scenarios in the short-term have moderate 
impacts on GDP and sectoral production as carbon prices 
do not increase much production costs but also provide 
a weak signal for investments. 
●
Too Little too late and Delayed 
transition scenarios have 
marginal virtually zero impact on the 
short term. 
●
Net zero 2050 is projected 
to have significant contrasted sectoral 
impacts both in the short and long term. 
●
Services 
are 
benefited 
to 
the 
extent 
that 
they 
operate 
supplementary 
to 
the 
deployment 
of 
the 
clean 
energy 
technologies (design, implementation, financing etc.). Services 
are characterized by low dependency on energy 
and 
openness to trade hence 
higher energy costs leave 
the competitiveness of the 
sector virtually unaffected. 
●
The demand of clean technologies increases 
with positive impact in their 
production. Biofuels, 
batteries, PV, 
energy 
saving equipment/ materials and 
Wind are essential 
for the 
decarbonization of the 
system. Cost maturity achieved 
both in the Net Zero 
2050 and Delayed Transition 
Scenarios. 
●
The higher 
carbon price 
in Emissions Trading 
Scheme 
- ETS (incl. 
the extended 
ETS, Transport 
& Services) 
Net Zero 
and Delayed Transition imply negative impact on GHG intensive industries - when not sufficient measures 
are taken 
to mitigate international competitiveness. 
Physical risk impacts 
Eurobank 
assesses 
the 
physical 
climate 
risks 
related 
to 
its 
clients’ 
activities 
following 
an 
analytical 
and 
transparent 
methodological approach, 
considering both: 
●
Chronic effects: impact on companies’ revenue or operating costs due to 
the long-term changes in weather patterns. 
●
Acute effects: damages to companies’ assets or 
revenue losses attributed to extreme 
weather 
events. 
To this end, the 
Group utilises two Climate Scenarios 
for the analysis of physical 
impacts, namely 
1.
 
RCP 2.6, which is a stringent mitigation scenario 
with the aim to keep global 
warming below 2ºC, consistent with 
the goals of the Paris 
Agreement 
2.
RCP 8.5, which is a scenario 
with weak and delayed 
action for 
reducing global GHG 
emissions. It is a “reference” 
or 
worst-case 
scenario 
where 
GHG emissions 
keep increasing 
throughout 
the 
whole century 
as it 
incorporates 
weak 
policies for 
tackling climate 
change. In 
other 
words, 
it is 
associated with 
hot house 
world 
scenarios, 
with average 
temperature 
increases exceeding 4°C. 
Chronic risk effects 
The 
analysis of 
chronic 
effects 
has been 
performed 
for 
2030, 
2040 and 
2050 
for 
13 regions 
in Greece. 
The 
Group 
utilised 
climate indicators that are considered as the drivers 
of the potential chronic impacts of climate change on the companies of 
the respective economic sectors, affecting either their operating costs or their revenues. In the context of 
the present analysis, 
these effects either 
directly (due to the structure of the climate indicators used) or indirectly (through the input-output tables 
of the 
respective 
economies or 
other 
econometric 
models) 
were 
expressed 
as percentage 
changes in 
the 
turnover 
of the 
respective 
businesses. At 
the 
final stage 
of the 
process, 
specific thresholds 
were 
adopted as 
regards 
the 
estimated losses 
due to climate change, with a view the 
related risks to be characterized 
as negligible, low, medium, 
high or very high. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Sector 
2030 
2040 
2050 
Agriculture 
High 
Very high 
Very high 
Construction 
Negligible 
Low 
Low 
Electricity Supply 
Low 
Low 
Medium 
Manufacturing 
Low 
Low 
Low 
Oil and Gas 
Negligible 
Negligible 
Negligible 
Real estate activities 
Negligible 
Negligible 
Negligible 
RES 
Negligible 
Negligible 
Negligible 
Transporting and Storage 
Low 
Low 
Low 
Water supply 
Low 
Low 
Low 
Wholesale and retail 
Negligible 
Negligible 
Negligible 
Acute risk effects 
During the analysis of acute effects, 
the Group takes 
into consideration several 
extreme phenomena, such as: 
●
Fluvial floods (high-water levels in river 
channels, causing dyke breach) 
●
Pluvial floods (rainfall intensity exceeding 
infiltration capacity) 
●
Extreme heat 
●
Wildfires 
●
Water scarcity 
●
Landslides 
●
Coastal floods 
The quantitative 
analysis considers three main dimensions: 
1.
Climate Hazards 
2.
Exposure 
3.
Vulnerability 
The 
climate 
risk 
attributed 
to 
each 
extreme 
phenomenon 
under 
consideration, 
is 
calculated 
by 
geographical 
area 
and 
economic activity as the product of the three indicators formulated to evaluate the abovementioned 
dimensions. Ultimately, 
adopting appropriate thresholds, 
this climate risk attributed 
to acute effects 
is characterized, similarly to chronic 
effects, as 
negligible, low, 
medium, high, or very high. 
Sector 
Assessment 
Agriculture 
Negligible 
Construction 
Negligible 
Electricity Supply 
Low 
Manufacturing 
Negligible 
Oil and Gas 
Negligible 
Real estate activities 
Negligible 
RES 
Negligible 
Transporting and Storage 
Negligible 
Water supply 
Low 
Wholesale and retail 
Negligible 
2.2.4
Policies & Actions 
Policies related to climate change 
mitigation and adaptation [E1-2] 
Τhe Group 
has adopted policies to manage material 
impacts, risks, and opportunities related 
to climate change mitigation 
and adaptation 
and the 
environment. 
Policies 
affecting 
internal 
stakeholders 
are 
available to 
the 
Group's 
intranet, 
while 
those referring 
to external 
stakeholders, 
such as 
the Group's 
Code of 
Conduct and Ethics, 
are available 
through 
corporate 
website. 
Eurobank 
is 
committed 
to 
engaging 
with 
stakeholders 
by 
ensuring 
a 
high 
level 
of 
accountability 
in 
policy 
development 
and 
implementation. 
Policies 
are 
approved 
by 
the 
appropriate 
Governance 
bodies 
such 
as 
the 
Board 
of 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Directors or specialized 
committees, which ensure 
that there 
is alignment with 
the Group's 
strategic goals 
and stakeholder 
interests. The 
relevant policies 
are outlined in 
the below 
table as per the 
Minimum Disclosure Requirements 
with regards 
to 
policies (MDR-P) defined in ESRS 2. 
Name of key policy 
Addressed key areas of 
policy 
Relevant material identified 
impact, risk or opportunity 
Operational impact climate 
change-related policies 
Environmental & Energy 
Management 
Systems 
- Energy management 
- Energy assessment of facilities 
- GHG emissions 
- Environmental & Energy 
targets 
- Waste management 
- Νatural resources 
management 
- Water resources 
management 
Energy 
Climate change adaptation 
Climate change mitigation 
Energy Management Policy 
Statement 
-Energy performance 
improvement 
-Renewable energy 
deployment 
-Regulatory compliance 
Energy 
Climate change adaptation 
Climate change mitigation 
GHG emissions Inventory Report 
- Energy management 
- GHG emissions 
- Operational GHG emissions 
- Operational Net 
Zero 
Energy 
Climate change adaptation 
Climate change mitigation 
Environmental Report 
-Energy management 
-Operational GHG emissions 
-Operational Net 
Zero 
-Water consumption 
-Solid Waste Management and 
Recycling 
-Noise 
Energy 
Climate change adaptation 
Climate change mitigation 
Water Management 
Policy Statement 
- Water resources 
management 
- Water consumption 
- 
Environmental Policy 
Statement 
-Energy management 
-Climate change adaptation 
-Climate change mitigation 
-Impact of activities 
Energy 
Climate change adaptation 
Climate change mitigation 
Financed impact climate change-related 
policies
Sustainable Finance Framework 
-Renewable energy 
deployment 
-Climate change adaptation 
-Climate change mitigation 
Climate change adaptation 
Climate change mitigation 
Sustainable Investment Framework 
-Renewable energy 
deployment 
-Climate change adaptation 
-Climate change mitigation 
Climate change adaptation 
Climate change mitigation 
Green Bond Framework 
-Energy efficiency 
-Renewable energy 
deployment 
-Climate change adaptation 
-Climate change mitigation 
Climate change adaptation 
Climate change mitigation 
Sustainability Risk Management Policy 
-Climate change adaptation 
-Climate change mitigation 
Climate change adaptation 
Climate change mitigation 
Climate Risk Stress Test 
Framework. 
-Climate change adaptation 
-Climate change mitigation 
Climate change adaptation 
Climate change mitigation 
Group Environmental 
& Social Policy 
-Climate change adaptation 
-Climate change mitigation 
Climate change adaptation 
Climate change mitigation 
Eurobank recognises 
the interdependency 
between impacts on 
the environment, 
as well as 
the risks and 
opportunities they 
present. 
As 
such, 
we 
have 
implemented 
policies 
that 
cover 
several 
material 
sustainability 
matters, 
including 
matters 
addressed by more than one topical ESRS. 
The following 
policies address more than one 
sustainability matter. 
The 
overarching 
Sustainability 
Policy 
Framework
 
outlines 
the 
approach 
for 
adherence 
to 
applicable 
regulatory 
requirements and voluntary 
initiatives as well 
as adopted standards and guidelines enabling Eurobank’s 
contemporary and 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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continuously 
updated 
approach 
towards 
Sustainability, 
in 
line 
with 
international 
best 
practices. 
The 
Sustainability 
Policy 
Framework 
sets the foundation 
towards integration 
of Sustainability into Eurobank’s business model 
and operations. 
The subject matter 
of the operational 
impact policies is outlined below: 
The 
Environmental 
& Energy 
Management 
Systems outline 
how the 
various Environment 
and Energy 
policies of 
Eurobank 
interact, 
as 
well 
as 
environmental 
management 
practices, 
responsibilities 
and 
targets. 
These 
ISO 
certified 
Management 
Systems cover waste, natural resources, 
water and energy systems management, GHG emissions, environmental 
and energy 
targets, obligations compliance, training and staff awareness of 
Eurobank’s operations and upstream and downstream value 
chain. 
Eurobank 
monitors 
and 
reviews 
the 
information 
related 
to 
interested 
parties 
and 
stakeholders 
and 
their 
related 
requirements, 
defining a 
specific 
cooperation 
framework 
and communication 
method 
for 
each 
case. 
Accountable 
for 
the 
continuing 
suitability, 
adequacy 
and 
effectiveness 
of 
the 
Environmental, 
Energy 
and 
other 
Sustainability-related 
ISO 
Management 
Systems 
are 
the 
Sustainability 
Management 
Committee, 
the 
Environmental 
System 
Manager, 
the 
Environmental Coordinators 
and the Building Administrators. 
The 
Environmental Policy 
Statement
 
outlines its commitment to the protection 
of environment, seeking the optimum use of 
natural resources, 
mitigating its environmental impact, adapting to climate change, protecting biodiversity 
and ecosystems, 
and preventing waste pollution. 
The 
Energy 
Management 
Policy 
Statement 
outlines 
its 
commitment 
to 
responsible 
energy 
management 
across 
all 
its 
facilities, including branches and administration 
buildings. Key objectives include the 
continuous improvement of the 
energy 
performance 
and the 
Energy Management 
System (EnMS), providing 
the information 
and resources 
needed to achieve 
the 
goals 
and 
energy 
objectives, 
and 
ensuring 
compliance 
with 
applicable 
legal/regulatory 
requirements, 
and 
other 
commitments of the Bank regarding energy use, energy 
consumption and energy efficiency. 
Eurobank aims to streamline the 
energy use by minimising the energy costs, the environmental 
impacts, and fossil fuel use, while promoting renewable energy 
sources and maintaining business/operational goals and 
a suitable working 
environment for its employees. The policy applies 
across Eurobank's operations, 
focusing on enhancing energy efficiency and supporting the use of 
energy-efficient equipment. 
It is backed by 
top management, which 
is responsible for providing resources to implement and 
improve energy performance. 
The 
Water Management Policy Statement
 
outlines its commitment to the responsible management of water use by seeking 
the optimal use of natural 
resources as part of the 
overall 
Environmental culture. 
The 
Environmental 
Report 
includes 
an overview 
of environmental 
management 
system and 
an analysis 
of environmental 
performance. This report covers the operating context, the environmental legislation, targets and performance and personnel 
training. 
The 
Report 
applies 
across 
Eurobank's 
operations, 
focusing 
on 
communicating 
about 
energy 
performance 
and 
setting targets. 
Eurobank 
recognises 
the 
importance 
of engaging 
in close 
collaboration 
and promoting 
dialogue 
with 
all 
stakeholders, 
both 
natural 
and 
legal 
entities. 
Accountable 
for 
the 
implementation 
of 
the 
Report 
are 
the 
Sustainability 
Management 
Committee, 
chaired 
by 
the 
Deputy 
Chief 
Executive 
Officer, 
Group 
Chief 
Operating 
Officer 
(CΟΟ) 
& 
International Activities. 
The 
GHG emissions 
Inventory Report
 
outlines the 
best practices 
implemented regarding 
consistency and completeness 
in 
the calculation 
of the 
Bank’s greenhouse gas 
(GHG) emissions for 
all its facilities 
in Greece. 
It covers 
100% of its operations 
and has been prepared in accordance with 
the requirements 
of the ISO 14064-1:2018 standard. 
To 
follow 
these policies, 
the Bank 
applies certified 
management systems, 
in accordance 
with international 
standards, such 
as an Environmental Management System (ISO 14001, EMAS) 
and an Energy Management System 
(ISO 50001). Through these 
certified management 
systems, it monitors its performance 
and minimises its carbon footprint. 
The subject matter 
of selected financed impact policies is outlined below: 
The 
Sustainable Finance Framework
 
outlines the 
Group’s 
sustainable lending solutions 
offered 
to its customers, 
specifying 
the applied classification 
approach and the 
activities defined as eligible to access sustainable financing (eligible green 
and 
social assets). The SFF scope encompasses a wide range of sustainable lending products, covering 
both corporate and retail 
banking portfolios. The 
purpose of establishing the SFF is to provide a clear and comprehensive methodology 
for classifying, 
monitoring and reporting 
sustainable financing. 
Eurobank 
has drawn 
on internationally 
recognised industry 
guidelines and 
principles for the development 
of the SFF and is fully committed to being transparent 
about its sustainability approach. The 
Group Senior Sustainability Officer 
(GSSO) holds the highest level of accountability for the 
implementation and oversight 
of 
the policy within the 
organisation. 
The 
Sustainable 
Investment 
Framework
 
policy 
aims 
to 
guide 
the 
integration 
of 
ESG 
factors 
into 
investment 
decisions, 
ensuring 
alignment 
with 
long-term 
sustainability 
goals. 
Its scope 
includes 
both 
direct 
and indirect 
investments 
across 
all 
sectors, 
regions, 
and 
value 
chains, 
with 
exclusions 
in 
areas 
such 
as 
high-risk 
fossil 
fuels 
and 
activities 
detrimental 
to 
biodiversity or 
human rights. The 
policy applies to 
all stakeholders 
involved 
in the investment 
process. Accountability 
for its 
implementation lies with the 
organisation's Group Senior 
Sustainability Officer (GSSO). 
The 
Green 
Bond 
Framework
 
outlines 
the 
principles 
and 
criteria 
for 
issuing 
green 
bonds 
to 
finance 
environmentally 
sustainable 
projects 
that 
contribute 
to 
climate 
change 
mitigation 
and 
other 
environmental 
goals. 
Its 
general 
objectives 
include promoting 
green investments, 
while ensuring 
transparency 
and accountability in 
the use 
of proceeds. 
The scope 
of 
the framework 
covers both upstream 
and downstream activities related to eligible projects, across 
global geographies, with 
exclusions for projects involving 
fossil fuels, or other environmentally 
harmful practices. Accountability for 
its implementation 
lies with the organisation's 
Group Senior Sustainability Officer 
(GSSO). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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The 
purpose 
of 
the 
Sustainability 
Risk 
Management 
Policy 
is 
to 
provide 
an 
overview 
and 
a 
common 
understanding 
of 
Group’s 
main 
governance 
arrangements, 
as 
well 
as 
tasks 
performed 
by 
the 
Group 
Sustainability 
Risk 
(GSR) 
unit, 
in 
the 
context 
of 
Group’s 
overall 
Sustainability 
risks 
management 
activities. 
This 
policy 
additionally 
covers 
Group’s 
main 
Sustainability risks management pillars, lists the 
key responsibilities of GSR for 
the development 
and implementation of the 
Sustainability risk 
framework and describes the quantitative and qualitative 
sustainability risks measurement methodologies. 
Ongoing dialogue with the Group’s 
relevant stakeholders, 
as well as close monitoring of the regulatory 
framework 
and best 
market practices, ensure the establishment of a well-defined and robust Sustainability Risk 
Management Policy. 
Accountable 
for 
the 
implementation 
of the 
policy 
is GSR 
and the 
policy 
is approved 
by 
Management 
Risk Committee 
and Board 
Risk 
Committee. 
The 
Group Climate 
Risk Stress 
Test 
(CRST) Framework
 
accommodates a dedicated 
governance 
structure and 
defines the 
minimum requirements for designing, executing, approving, and applying 
the climate risk stress test. The Framework provides 
a transparent 
and repeatable 
process 
for designing 
and executing 
the climate 
risk stress 
test, as well 
as for 
reporting and 
evaluating stress test outcomes and determining management actions. The CRST Framework has been developed as per the 
overall 
Stress Testing 
Policy of 
the Group, 
also taking into 
account the 
provisions 
of the 
ECB Guide on 
climate-related and 
environmental 
risks and 
the 
requirements 
of the 
2022 ECB 
Climate Risk 
Stress 
Test. 
Additionally, 
the 
Framework 
complies 
with 
other 
best 
practices 
and 
supervisory 
requirements, 
such 
as 
the 
EBA 
Guidelines 
on 
institutions’ 
stress 
testing 
(EBA/GL/2018/04). 
The
Group 
has 
developed 
an 
Environmental 
and 
Social 
Policy
 
that 
sets 
the 
framework 
of 
general 
principles 
and 
requirements 
for 
managing 
environmental 
and 
social 
issues. 
Through 
the 
Environmental 
and 
Social 
Policy, 
the 
Group 
achieves and maintains compliance 
with existing national 
and international environmental and social 
legislation/regulations, 
as well as with its 
commitments, through a standardised Environmental and Social (E&S) assessment approach. Furthermore, 
the objective of the Policy 
is, inter alia, to ensure timely and accurate reporting to the European Bank for Reconstruction and 
Development (EBRD) concerning 
the management of the 
Group ESMS (Environmental 
and Social Management System). 
As part of its Environmental and Social Policy, 
Eurobank maintains a list of activities that are excluded from 
financing, in line 
with the exclusion lists 
of the EBRD. For all 
financing transactions, the Group ensures that 
its clients 
demonstrate an organised 
and 
systematic 
approach 
to 
E&S 
risk 
management 
that 
complies 
with 
applicable 
local, 
national 
and 
international 
environmental, 
health 
and 
safety, 
and 
labour 
legislation 
and 
standards, 
relevant 
permits, 
as 
well 
as 
public 
disclosure 
requirements. 
The material impacts, 
risks and opportunities that the policies 
are related to are referenced 
above in the table. 
Actions and resources in relation 
to climate change policies [E1-3] 
As climate 
change has become 
a key 
threat 
for 
the planet 
and its population, 
the Group 
has taken 
on an active 
role, 
with 
actions that benefit the environment, for this generation 
and the generations to come. To this end, the Group’s Sustainability 
Strategy entails commitments to achieve Net Zero both for its physical operations as well as its portfolio through sustainable 
financing activities. 
The actions taken in Eurobank 
Group in Greece as a result of the 
Eurobank’s Operational 
Impact Strategy for 
achieving Net 
Zero operational 
impact for Scope 1 & 2 by 2033 and for 
Scope 3 by 2050, by decarbonization 
lever, 
are the following: 
●
Promote energy efficiency 
and self-generation of 
electricity (Reduction of Scope 1 & 2 emissions) 
o
Action 
plan 
to 
reduce 
emissions 
from 
its 
operations 
by 
optimizing/upgrading 
the 
energy 
efficiency 
of 
its 
buildings. This 
includes technical 
interventions 
(i.e. LED 
light fixture 
installations, minimum 
energy 
class of 
A+ 
air 
conditioning 
and 
heat 
recovery 
ventilation 
systems) 
as 
well 
as 
system-level 
building 
upgrades 
and 
the 
replacement of carbon-intensive 
sources (i.e. heating oil). 
o
Energy self-production 
plan consisting of rooftop 
photovoltaic 
(PV) stations 
installed on Eurobank’s 
buildings 
and standalone PV parks developed 
on Eurobank property. 
In 2023, 1,203 PV panels were 
installed on the roof 
of the Nea 
Ionia complex and 376 PV 
panels were 
installed on the 
roof of the 
Acharnes building. 
In 2024, the 
self-production 
of 
energy 
from 
the 
two 
rooftop 
PV 
stations 
started. 
Specifically, 
the 
energy 
self-production 
started in May 2024 in N.Ionia complex and in July 2024 in 
Acharnes building. The amount of energy produced 
from the 
rooftop PV stations 
for 2024 
is 647.35 
MWh for 
N.Ionia and 140.52 
MWh for 
Acharnes . 
In 2024, the 
environmental licencing 
process for 
two standalone PV 
parks in central 
Greece was initiated. 
The approval 
of 
environmental terms and the 
application for grid 
connectivity are expected to be completed within 2025. 
o
Increase procurement 
of electricity sourced by Renewable Energy 
Sources (guarantees of origin) 
Eurobank’s actions regarding the 
climate change, are strategically adapted and deployed across our subsidiaries in 
Bulgaria, 
Cyprus, and 
Luxembourg. 
For 
example, actions 
such as 
the 
upgrade 
of branch 
offices, 
LED lighting 
and 
installation of latest 
generation of HVAC system are implemented. Similar actions 
are tailored to 
address the specific 
local contexts and regulatory environments, they remain firmly aligned with 
our overarching corporate sustainability 
objectives. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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As 
part 
of 
the 
EnMS, 
Eurobank 
communicates 
the 
"energy 
identity" 
of 
its 
branches 
on 
a 
semiannual 
basis. 
The 
evaluation of each branch's performance 
is accomplished by utilising the following: 
o
Ranking of the branches 
in ascending order 
considering the total 
energy consumption and 
normalized energy 
consumption values using the branches surface area and the heating and cooling degree days, in order to take 
the impact of meteorological 
conditions on the energy 
needs for heating and cooling. 
o
The 
annual change 
in energy 
consumption in 
total and 
normalized values 
by surface 
area. The 
absolute and 
percentage variation in energy 
consumption per surface area 
in relation to the average 
index for all branches. 
In addition, through 
the EnMS, monitoring and 
analysis of energy 
consumption are conducted with 
the objective 
of 
implementing 
necessary 
technical 
interventions 
and 
management 
solutions. 
This 
process 
follows 
a 
structured 
methodology 
that 
involves 
documenting 
the 
expected 
enhancements 
in 
energy 
performance. 
To 
facilitate 
this, 
Eurobank 
collaborates 
with 
an 
Energy 
Services 
Company 
(ESCO) 
under 
a 
"Shared 
Benefit 
Energy 
Performance 
Contract" model, which operates 
on the "Pay as you save" 
principle. 
Eurobank’s 
objective 
is 
the 
gradual 
energy 
upgrade 
of 
its 
real-estate 
portfolio 
and 
issuance 
of 
green 
building 
certifications, aiming to reduce 
its environmental footprint. 
It is shifting towards high-end, modern, environmentally 
friendly 
buildings, 
given 
that 
such demonstrate 
increased 
marketability 
and market 
resilience 
as well 
as multiple 
environmental and social benefits. The Bank is already upgrading prime assets into energy-efficient green buildings, 
focusing 
on 
continuous 
improvement 
towards 
sustainable 
development. 
Eurobank 
has 
chosen 
green 
building 
certifications (LEED, 
BREEAM, EDGE), aiming to validate the sustainability value of its assets and to demonstrate 
its 
sustainability performance. 
Within 
2024, the 
new Headquarters 
building (Omirou 
& Stadiou) 
has been 
certified with 
LEED Gold 
(Leadership in 
Energy 
& 
Environmental 
Design) 
and 
increased 
the 
Bank’s 
certified 
green 
buildings 
to 
20 
(LEED, 
BREEAM 
certifications). 
Certified properties have 
been included in the 2023 SBC Yearbook 
for Green Buildings. 
Green buildings usually 
encompass multiple nature 
-based characteristics 
fostering 
the sustainable 
transformation 
of the built environment and enhancing the resiliency of the asset itself. Location and land use play a significant role 
in 
creating 
sustainable 
buildings 
improving 
access 
to 
low-carbon 
transportation 
options, 
while 
encouraging 
walkability and reducing 
dependence on 
driving. Biodiversity 
is also crucial 
for the 
health and 
wellbeing of 
people 
and our planet. Green buildings promote the 
protection of natural 
habitats, encourage the 
use of biodiverse native 
plants 
and 
green 
infrastructure, 
and 
minimise 
the 
impact 
of 
construction 
on 
ecosystems. 
Efficient 
utilisation 
of 
resources 
water 
is 
essential 
due 
to 
its 
finite 
nature, 
and 
green 
buildings 
play 
a 
crucial 
role 
in 
preserving 
and 
protecting 
this 
invaluable 
resource. 
More 
specifically, 
encourage 
a 
holistic 
approach 
to 
building 
water 
systems, 
promoting 
not only 
water-efficient 
strategies, 
but also 
reuse through 
alternative 
sources, improved 
management, 
and potable water quality considerations. 
As of 
December 
2023, 
the 
Eurobank 
Headquarters 
were 
relocated 
to a 
new 
building in 
the 
Athens 
city centre, 
on 
Omirou and 
Stadiou Street. 
The high 
functional standards 
and bioclimatic 
features 
of the 
Eurobank 
Headquarters 
significantly improve 
the environmental 
impact compared to 
the previous 
Headquarters: The 
2024 performance 
of 
the 
new 
Headquarters 
compared 
to the 
previous 
Headquarters 
is: reduction 
of GHG 
emissions at 
59.30% 
(374.18 
tCO
2
e), 
reduction 
of 
electricity 
consumption 
at 
56.48% 
(667,385 
kWh 
) 
and 
reduction 
of 
energy 
intensity 
(per 
employee) at 13.51% . 
●
Electromobility (Reduction of 
Scope 1 emissions) 
Gradual 
increase 
of 
the 
share 
of 
plug-in 
/electric 
vehicles 
in 
Eurobank’s 
fleet 
and 
installation 
of 
EV 
recharging 
infrastructure at Eurobank’s 
buildings. 
●
Minimise business travel (Reduction 
of Scope 3 emissions) 
Measures 
to 
reduce 
indirect 
emissions 
associated 
with 
transportation 
and 
business 
travel, 
where 
feasible, 
by 
introducing alternative 
methods such as teleconferencing. 
●
Transition 
to cloud (Reduction of Scope 2&3 emissions) 
Initiative 
for 
transitioning 
to cloud 
computing which 
will 
result 
in the 
reduction 
of electricity 
usage 
from 
physical 
servers. 
●
Management Systems & Buildings – Scopes 1, 2, 3
Eurobank 
applies 
certified 
ISO 
Management 
Systems, 
in 
accordance 
with 
international 
standards, 
such 
as 
an 
Environmental 
Management 
System (ISO 
14001, EMAS) 
and an 
Energy 
Management 
System (ISO 
50001) with 
the 
purpose 
of 
responsible 
energy 
management 
in 
all 
the 
Bank’s 
facilities 
(all 
administration 
buildings 
/ 
branches, 
covering 100% of its 
operations). Implementing these systems has led 
to significant reductions in 
energy consumption 
and greenhouse gas emissions. This aims to 
minimise energy costs, the environmental impact of harmful greenhouse 
gas emissions and fossil fuel depletion. 
Eurobank has 
verified its 
greenhouse gas (GHG) 
emissions in compliance 
with ISO 14064-1, 
which provides 
a framework 
for 
quantifying and reporting GHG emissions and removals. 
By implementing these initiatives, the Bank achieved 5.04% reduction 
in purchased electricity consumption, 37.72% reduction 
in Scope 
1 emissions, 
10.16% 
reduction 
in Scope 
2 emissions 
and 13.15% 
reduction 
in Scope 
1 & 
2 emissions 
(surpassing the 
4.7% 2024 target in 2024, compared to 2023). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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In order to achieve its Net-Zero 
operational impact targets, 
the Bank’s planned initiatives 
are the following: 
●
Maintain and update detailed Operational 
Net Zero Action Plan 
- SBTi aligned (baseline year 
2019) for Scope 1 & 2 
(Net-Zero by 2033) and for 
Scope 3 (Net-Zero by 2050). 
●
Implement 
energy 
self-production 
activities. Energy 
self-production 
from 
rooftop 
PV stations 
has already 
started 
during 2024 in 
N.Ionia and Acharnes 
buildings, while the 
procedure 
for the 
development of 
standalone PV Parks 
is 
in progress (long-term target: 
Energy self-production 
from standalone PV Parks by 2028). 
●
Increase electromobility for 
Eurobank’s leased vehicles 
(new contracts) 
●
Completion of the initiative 
“Journey to Cloud” by 2025 
●
Attain emissions savings due to data centre modernisation 
●
Attain 100% of electricity consumed to be originated from RES by 
2028 
●
Perform energy 
upgrade of buildings 
●
Achieve green building certifications 
●
Carbon credits (nature-based carbon removal projects 
in line with SBTi) for the entirety of natural 
gas emissions, up 
to 3% of the total Bank emissions (Scope 1, 2) by 
2025 
●
Design long-term Energy Plan. In 2024, Eurobank’s 
energy profiling report 
was completed. 
Specifically 
for 
2025, 
in the 
context of 
its EMS 
and based 
on energy 
consumption metrics, 
Eurobank 
plans to 
perform 
the 
following technical 
energy saving actions, to achieve 
its energy saving targets: 
●
Continuation of the following 
actions at all the Eurobank Group’s 
new branches and office 
spaces in Greece, as well 
as all areas where extensive 
refurbishment works are 
implemented: 
o
installation of new LED technology light fixtures 
o
installation of 
VRF air 
conditioning systems 
and autonomous 
air-conditioning units, 
as well 
as installation 
of 
air-cooled water air-conditioning systems, with 
a minimum energy class of A+. 
o
installation of a heat recovery 
ventilation system. 
●
Energy audits as part of renovation 
works by engineers in the 
Technical 
Projects Unit. 
●
The environmental licensing of standalone photovoltaic 
parks is in progress and during 2025 the decision regarding 
the approval of environmental 
terms and the application 
for grid connectivity is expected to be completed. 
The 
Group 
has 
integrated 
its 
Financed 
Impact 
Strategy 
into 
its 
operations 
and 
has 
made 
significant 
progress 
towards 
achieving its targets. 
1.
Operationalized its Sustainable Finance 
Framework 
The 
Group 
has 
developed 
governance 
structures, 
processes 
and 
tools 
that 
integrate 
identifying 
sustainable 
financing 
opportunities, engaging with clients 
on sustainable financing offerings 
and the evaluating 
financings against the 
criteria of 
the SFF into the day-to-day operations. 
It has, therefore, 
increased its capacity to deliver its sustainable financing targets. 
Key 
elements 
include 
the 
introduction 
of 
dedicated 
roles 
for 
guiding 
relationship 
managers 
in 
engaging 
with 
clients 
on 
sustainable financing as 
part of the loan 
origination processes, as well as an 
automated tool that underpins the classification 
and evaluation of financings against the approaches 
and criteria of the SFF. 
It 
has 
extended 
the 
sustainable 
financing 
approach 
to 
its 
retail 
business 
banking, 
leveraging 
co-financing 
programmes 
focusing on sustainability, as 
well as introducing dedicated 
products tailored to meet specific market 
needs 
2.
Enhanced its capabilities for 
the collection of sustainability risk 
data 
The 
Group 
is 
continuously 
enhancing 
its 
capabilities 
for 
the 
collection 
of 
Sustainability 
risk 
data, 
through 
integration 
of 
additional 
information 
requirements 
in 
the 
credit 
process, 
as 
well 
as 
cooperating 
with 
third-party 
data 
providers. 
It 
has 
implemented a 
set of 
tools for 
identifying, measuring 
and managing 
sustainability risks, 
including the 
credit granting 
and 
monitoring processes. 
These are used by 
the involved 
Units across the Group’s 
both 1st and 2nd lines, with the 
relevant tasks being performed 
in a 
collaborative 
and efficient 
way. 
Having already 
performed 
an assessment 
of sustainability 
data 
availability in 
its internal 
systems 
against 
regulatory 
requirements 
/ 
expectations, 
the 
Group 
continues 
to 
enhance 
its 
sustainability 
risk 
data 
aggregation capabilities 
and IT infrastructure 
accordingly, 
while also using 
appropriate 
controls 
and safeguards 
to ensure 
the 
accuracy 
and completeness 
of the 
compiled information. 
The 
Group 
seeks to 
further 
improve 
environmental 
risk data 
granularity, through 
the allocation of detailed roles 
and responsibilities for the purposes of sustainability data management 
and 
addressing 
identified 
data 
needs 
(i.e., 
engagement 
with 
external 
data 
providers, 
development 
of 
methodological 
approaches for 
the estimation of required 
information). 
3.
Intensified engagement with its counterparties on sustainability 
risk mitigation 
Aiming to 
facilitate 
the 
green 
transition 
of 
its clients, 
the 
Group 
has developed 
a dedicated 
approach 
to increase 
client 
engagement and 
awareness 
regarding 
environmental 
risks. Besides 
the 
initiatives 
launched 
aiming to 
build sustainability 
literacy and capacity among 
its clients (e.g. online events, articles and webinars, 
digital academy for businesses), the 
Group 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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also uses tools to engage with its counterparties in the context of its credit granting and asset management activities, so as 
to understand their strategies 
and mitigate their sustainability risks exposures. 
4.
Introduced sustainable products 
Eurobank 
has developed 
multiple products 
that aim 
to stimulate 
sustainable growth, 
including Renewable 
Energy Systems 
(RES) investments, 
energy 
saving programmes 
for 
residential buildings, 
and debt 
restructuring 
programmes 
for 
vulnerable 
groups. Going forward, 
it plans to further develop 
additional products dedicated to promoting 
sustainable practices for 
the 
Retail portfolio. 
5.
Achieved the sustainable financing 
targets set as part of its financed impact strategy 
For the 
third consecutive year, 
Eurobank achieved 
the sustainable financing targets related 
to its corporate portfolio, 
set as 
part of 
its Financed 
Impact Strategy. 
New SFF-aligned 
annual disbursements 
exceeded the 
20% target 
of total 
corporate 
disbursements, while corporate sustainable 
exposures increased from €2.18 
billion in 2023 to €2.98 billion 
in 2024, posting a 
37% year-on-year growth. 
More 
information 
on 
the 
Group’s 
actions 
on 
climate 
change 
related 
matters 
are 
detailed 
in 
the 
chapters 
“Sustainable 
financing and investment offerings” 
and “Integration of sustainability in risk management”. 
2.2.5
Metrics & Targets 
Targets 
related to climate change mitigation and adaptation 
[E1-4]
Through 
its Sustainability Strategy, 
the Group’s 
overarching 
climate-related 
target for 
its operational 
impact is to 
achieve 
Net Zero emissions by 2033 
for Scope 1 & 
2 and by 
2050 for Scope 3. The interim targets 
supporting the Net Zero commitment 
are the following: 
Reduction in Electricity Consumption and Greenhouse Gas Emissions – Operations 
in the Bank 
Performance 
2023 
Target 
2024 (%) 
Target 
value 2024 
Performance 
2024 
Change (%) 
Status 
Target 
2025 (%) 
Target 
value 2025 
Reduction in 
purchased 
electricity 
consumption 
(ΜWh) 
34,721 
-5% 
32,985 
32,971 
-5.04% 
Target 
achieved 
-2%
(1)
33,070
(1)
Reduction of 
Indirect GHG 
Emissions Scope 1 
& 2 (tCO
2
e) 
20,807 
-4.67% 
19,835 
18,070 
-13.15% 
Target 
achieved 
-2% 
17,708 
(1
) 
The target of 2025 regarding -2% reduction in electricity consumption concerns the total 
amount of electricity consumption including purchased 
and self-generated electricity (amounted to 33,745 MWh in 2024)
The 
targets concern 
all Bank’s 
office 
buildings and 
branches 
and cover 
100% of its 
operations. 
As presented 
above, 
during 
2024 the electricity consumption 
and Scope 1 
& 2 
emissions have been reduced and 
the targets set for reduction 
of purchased 
electricity 
consumption and of Scope 1 & 2 emissions for 2024 have 
been achieved. 
The Bank’s Financed Impact 
Strategy evolves 
based on the following 
key components: 
Portfolio 
alignment 
Gradual 
alignment of 
the 
Group’s 
portfolio 
with sectoral 
transition 
pathways 
that 
are aligned 
with the 
1.5°C climate 
transition scenario. 
●
Net zero strategy 
Sectoral decarbonisation targets 
covering the 
Group’s lending portfolios, 
with phased target-setting up to 2050. 
The Group 
recognises that the 
most significant part of 
its impact on climate 
arises from the 
financing it extends to its 
clients. 
Therefore, 
following 
its 
baselining 
exercise 
for 
2022 
– 
the 
most 
complete 
and 
comprehensive 
emissions 
measurement it 
has achieved so far 
– it is now taking the 
next step to identifying and disclosing its 
first set of sectoral 
Net Zero 
targets. In doing 
so, it aims to 
actively support the 
decarbonisation policy 
agenda and play 
a pivotal 
role 
in 
channeling capital 
flows towards 
the 
transition 
of key 
sectors in 
the 
short-, medium 
- 
and long-term. 
Specifically, 
the 
Group 
has 
initiated 
the 
process 
of 
developing 
sectoral, 
financed 
emissions 
reduction 
targets 
based 
on 
the 
NZBA 
framework, 
for some of the 
most carbon intensive and, therefore, 
most relevant and impactful sectors and portfolios. 
It 
approaches its target setting process on a sector/portfolio 
basis, to factor in specific elements of the climate transition. 
It 
also 
adheres 
to 
proven 
industry 
standards 
(e.g. 
NZBA, 
PCAF) 
and 
accredited 
science-based 
decarbonisation 
scenarios, in line with a 1.5 degree Celsius objective 
by 2050. 
Notably, 
the Group, 
in line with 
its commitment 
to address 
climate change, 
has joined the 
NZBA, in order 
to reinforce 
its dedication 
to aligning its 
lending and investment 
portfolios 
with net-zero 
emissions by 
2050 or 
sooner, 
in line with 
the 
most 
ambitious 
targets 
set by 
the 
Paris 
Climate 
Agreement. 
The 
Group 
is proud 
to join 
leading 
peers 
from 
the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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banking 
industry 
in 
its 
effort 
to reach 
net 
zero 
emissions 
by 
2050 
and looks 
forward 
to engaging 
with 
its 
clients 
to 
support their 
transition 
plans. 
Even 
though 
its operational 
carbon 
footprint 
is very 
limited compared 
to its 
financed 
emissions, 
it 
is 
also 
setting 
reduction 
targets 
for 
operational 
emissions 
under 
its 
sphere 
of 
direct 
control. 
Its 
target 
setting approach builds on an overarching 
framework 
that has been guiding its analysis and decisions. 
Based on the NZBA framework, 
the group has identified its priority, 
carbon intensive sectors, representing a significant 
proportion of its financed emissions, and is developing 
its 2030 emission reduction targets. 
●
Sustainable financing
Development of strategies 
that will promote 
the green transition 
of the Group’s 
clients through sustainable financing. 
The 
Group’s 
strategic 
approach 
is 
to 
support 
the 
green 
transition 
efforts 
of 
its 
clients 
through 
direct 
financing and 
advisory solutions 
for 
capital 
raising 
to current 
and potential 
clientele. To 
this end, 
the 
Eurobank 
S.A.’s 
sustainable 
financing targets for Greece 
are the following: 
●
Portfolio 
targets: 
o
€2 billion in new green disbursements to businesses 
by 2025 from a 2022 baseline 
o
20% of the annual new corporate 
disbursements to be classified as Green / Environmentally 
sustainable 
o
20% stock of green exposures by 2027 for 
the Corporate portfolio. 
o
Mobilise €2.25 billion total green RRF funds in the 
Greek economy by 2026. 
o
No new 
investments 
in fixed 
income securities 
(excluding exposures 
in Sustainability 
/ Green 
Bonds) towards 
the top 20 most carbon-intensive 
corporates worldwide. 
●
Sectoral targets: 
o
35% of new disbursements in the Energy 
sector to be directed to RES financing. 
o
80% of new 
disbursements related 
to construction of new 
buildings (CIB portfolio) 
to be allocated 
with EPC A 
and above 
o
20% of new disbursements 
related to mortgage loans (excluding 
"My Home") to be allocated 
with EPC B+ and 
above 
o
Maintain the 
same growth 
in absolute 
terms for 
Retail Banking 
new green 
disbursements (or 
more than 
50% 
increase vs. 2023). 
Performance 
against financed impact 
targets is presented 
in the chapter 
“Sustainable financing and investment 
offerings”. 
Following 
the completion 
of the onboarding 
of Hellenic Bank, during 2024, 
along with the 
upskilling achieved for 
the rest 
of 
International 
subsidiaries, 
the 
Group 
aims 
to 
align 
all 
entities’ 
Sustainability 
Strategies 
to 
converge 
to 
a 
Group-wide 
Sustainability Strategy in both 
pillars. 
Energy consumption & mix [E1-5] 
According to the energy 
review conducted in the context of the 
EnMS implementation, the 
Energy consumption at Eurobank 
occurs from: 
●
Burning of natural gas and oil for 
heating 
●
The use of diesel and -petrol 
by vehicles used for 
transporting materials between its buildings within 
Attica, 
●
The use of electricity for 
the organisation’s 
operations. 
The 
table 
below 
outlines 
the 
total energy 
consumed 
by 
the 
Group’s 
operations, 
along with 
the 
breakdown 
of the 
energy 
sources used, 
including the 
share of 
renewable and 
non-renewable 
energy. 
By sharing this 
information, 
The 
Group aims 
to 
provide 
a clearer 
understanding 
of its 
efforts 
to manage 
energy 
usage, reduce 
carbon 
emissions, 
and transition 
to 
more 
sustainable 
energy 
practices 
in 
line 
with 
its 
broader 
environmental 
goals. 
The 
table 
below 
details 
the 
Group’s 
energy 
consumption and mix for the 
reporting period. 
Unit 
2024 
Total energy 
consumption and mix (including purchased or acquired electricity, 
heat, steam, and cooling from 
fossil 
sources) 
(1) Fuel consumption from coal and coal products 
MWh 
0 
(2) Fuel consumption from crude oil and petroleum 
products 
MWh 
5,450 
2.1 Fuel consumption from 
petrol 
MWh 
2,922 
2.2. Fuel consumption from diesel 
MWh 
2,243 
2.3. Fuel consumption from LPG (Liquefied Petroleum 
Gas) 
MWh 
171 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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Unit 
2024 
Total energy 
consumption and mix (including purchased or acquired electricity, 
heat, steam, and cooling from 
fossil 
sources) 
2.4 Fuel consumption from heating 
oil 
MWh 
113 
2.5 Fuel consumption from other 
crude oil and petroleum products 
MWh 
0 
(3) Fuel consumption from natural 
gas 
MWh 
3,457 
3.1 
Fuel consumption from natural 
gas 
MWh 
3,457 
3.3 Fuel consumption from CNG (Compressed 
Natural Gas) 
MWh 
0 
(4) Fuel consumption from other 
fossil sources 
MWh 
0 
(5) Consumption of purchased or acquired electricity, 
heat, steam, and cooling from fossil 
sources 
MWh 
14,522 
(6) Total energy 
consumption from fossil sources 
MWh 
23,428 
Share of fossil sources 
in total energy consumption 
% 
36% 
(7) Total energy 
consumption from nuclear sources 
MWh 
4,862 
Share of consumption from nuclear sources 
in total energy consumption 
% 
7% 
(8) Fuel consumption from renewable 
sources, including biomass (also comprising industrial and 
municipal waste of biologic origin), biofuels, 
biogas, renewable hydrogen, 
etc. 
MWh 
0 
(9) Consumption of purchased or acquired electricity, 
heat, steam, and cooling from renewable 
sources 
MWh 
35,904 
(10) The consumption of self-generated 
non-fuel renewable energy 
MWh 
1,455 
(11) Total renewable 
energy consumption 
MWh 
37,359 
Share of renewable sources 
in total energy consumption 
% 
57% 
Total energy 
consumption 
MWh 
65,649 
In 2024 the 
Group’s total 
energy consumption 
reached 65,649 
MWh. Renewable energy 
consumption accounted for 
37,359 
MWh, which represents 57% 
of the total 
energy consumption, 
while 4,862 MWh (7%) was from 
nuclear sources (coming 
from 
Bulgaria’s 
national 
energy 
mix) 
and 
the 
remaining 
36% 
was 
consumed 
from 
fossil 
sources. 
This 
substantial 
sourcing 
of 
renewable 
energy 
underscores 
The 
Group’s 
dedication 
to 
reducing 
its 
carbon 
footprint 
and 
advancing 
its 
sustainability 
initiatives and will be the key 
driver for 
achieving annual reductions in the coming years. 
The 
above 
consumptions 
have 
been 
based 
on 
actual 
consumption 
data 
for 
a 
10-month 
period 
of 
2024, 
while 
for 
the 
remaining 2 months where actual data were not available, 
due to timing 
constraints, consumptions were extrapolated based 
on the same period previous 
years. Actual consumption data for the 
Bank have been verified according to ISO 14064-1 while 
the estimation methodolog 
y 
has been validated according to ISO14064-2 by an independent certification 
body 
Energy self-production 
is a crucial element of Eurobank’s journey towards 
Operational Net Zero. 
The relevant project 
stream 
of the Operational 
Impact Strategy includes 2 distinct self-production 
initiatives: 
●
Rooftop photovoltaic (PV) stations 
installed on Eurobank buildings. 
●
Standalone PV parks developed on Eurobank 
property. 
These initiatives are 
implemented as cross-unit projects with the 
support of dedicated consultants and with regular updates 
to 
Senior 
Management. 
The 
energy 
and 
emission 
benefits 
of 
these 
projects 
are 
calculated 
in 
the 
Operational 
Net 
Zero 
transition path 
to carbon neutrality for 
Scope 1 & 2 by 2033, per the 
respective commitments of Eurobank. 
Furthermore, the 
Group has produced 1,482 MWh of energy. 
from renewable sources. 
This includes energy produced 
from PV 
panels in Group’s operations 
in Greece, Bulgaria, and Cyprus. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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Gross Scopes 1, 2, 3 and Total 
GHG emissions [E1-6]
Eurobank is 
committed to reducing 
its environmental 
footprint 
and actively contributes 
to the reduction 
of greenhouse gas 
emissions. As part of this 
effort, the Bank closely monitors its operational emissions through the implementation 
of a certified 
Energy Management System (EnMS) in accordance 
with the ISO 50001 standard. 
In addition, the Bank applies the International Standard ISO 14064-1:2018 for the quantification and reporting of greenhouse 
gas emissions (Category 1-6) as well as GHG removals. The 
pertinent correspondence 
with the International Standard 
“GHG 
Protocol Corporate 
Accounting and Reporting Standard” (Scope 1, 2 & 3) is also mentioned. 
In this 
context, energy 
consumption is 
recorded 
and allocated 
as well 
as the 
direct and 
indirect greenhouse 
gas emissions 
are calculated. 
Direct emissions 
(Scope 1) resulting 
from the 
Group’s 
operations 
reflect GHG emissions 
released by 
burning oil and natural 
gas to heat 
buildings (Direct 
emissions from 
stationary combustion), 
the use 
of diesel and 
petrol 
by the 
Group owned 
and 
leased vehicles, the petrol used 
to power the generators (Direct emissions from mobile 
combustion) and the fugitive emissions 
from 
the 
Group’s 
air 
conditioning 
systems 
and 
the 
automatic 
extinguishing 
systems 
(Direct 
fugitive 
emissions 
from 
the 
release of GHGs in anthropogenic systems). 
Indirect emissions 
are those 
released by 
the consumption 
of electricity (Scope 
2) as well 
as other 
indirect emissions 
(Scope 
3) 
associated 
with 
employee 
business 
trips 
(air 
travel 
and 
hotel 
stay) 
and 
employee 
commuting, 
waste 
management, 
emissions from 
transportation 
and distribution 
of goods, 
capital goods, 
purchased good 
and services, 
emissions from 
fuel 
and energy related activities and emissions 
from cloud computing usage have also been included. 
When a 
new category 
is added, 
the amount 
for 
that category 
is added to 
the previous 
year to 
normalise the 
baselines for 
comparison reasons. The 
emissions from new 
categories will also be included 
in the operational 
Net Zero for 
Scope 1 & 2 by 
2033 and for Scope 3 by 2050 project, 
according to the SBTi methodology. 
As per 
emissions, 
the 
Eurobank 
Group 
in Greece 
utilises emissions 
conversion 
coefficients 
from 
National 
Inventory 
Report 
(NIR) Greece -2024, Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP SA), Department for Environment, 
Food & 
Rural Affa 
irs (UK- DEFRA) 
(full set, version 
1.0 of 2024), EXIOBASE 
(2019 emission factors 
for Greece), 
BEIS (2021 and 
2024 
emission 
factors 
, 
Greenview 
(2022 
emission 
factors), 
EPA 
database 
(2022 
emission 
factors) 
and 
Global 
Warming 
Potential (GWP) (2022 emission factors), 
as needed for each specific case. 
The Bank 
verifies the 
above greenhouse 
gas (GHG) emissions 
in compliance 
with ISO 
14064-1, which provides 
a framework 
for quantifying and reporting GHG emissions and removals. 
The table below demonstrates 
the breakdown 
of the Group’s 
Scope 1,2,3 emissions: 
Total 
Scope 1,2,3 emissions 
Breakdown of Greenhouse Gas 
emissions 
2024 
Gross Scope 1 GHG emissions (tCO
2
e) 
3,421 
Percentage of Scope 1 GHG emissions from 
regulated emission trading 
schemes 
(%) 
0% 
Gross location-based 
Scope 2 GHG emissions (tCO
2
e) 
27,664 
Gross market-based Scope 2 
GHG emissions (tCO
2
e) 
11,050 
Total Gross 
indirect
(2)
 
(Scope 3) GHG emissions (tCO
2
e) 
75,301 
1 Purchased goods and services 
37,364 
Cloud computing and data centre services 
206.54 
2 Capital goods 
23,420
3 Fuel and energy-related Activities (not 
included in Scope1 or Scope 2) 
5,924 
4 Upstream transportation and distribution 
604 
5 Waste generated 
in operations 
550 
6 Business traveling 
310 
7 Employee commuting 
7,127 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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Page 
Breakdown of Greenhouse Gas 
emissions 
2024 
8 Upstream leased assets 
0 
9 Downstream transportation 
0 
10 Processing of sold products 
0 
11 Use of sold products 
0 
12 End-of-life treatment of sold 
products 
0 
13 Downstream leased assets 
0 
14 Franchises 
0 
15 Investments 
Please refer to financed emissions 
table below 
Total GHG emissions 
(location-based) (tCO
2
e) 
106,386
Total GHG emissions 
(market-based) (tCO
2
e) 
89,772
(2) 
Eurobank Cyprus and Luxemburg is only included in investments emissions (Scope 3 Category 15) 
In 2024, the Group’s 
total operations-related 
GHG emissions reached 89,772 
tCO
2
e (market-based) with Scope 1 account 
for 4%, Scope 2 (market-based) 
13% and Scope 3 83%. 
The 
calculation 
of the 
Scope 1 
and Scope 
2 emissions 
was made 
using actual 
data for 
a 10-month 
period and 
estimated / 
extrapolated 
data 
for 
a 2-month 
period. 
Emissions 
for 
the 
Bank’s operations 
(including 
the 
assumptions 
/ extrapolations 
approach) 
has 
been 
verified/validated 
by 
an 
independent 
certification 
body 
according 
to 
ISO14064-1 
and 
ISO 
14064-2 
respectively. 
The 
above 
data 
may be 
modified due 
to issuance 
of new 
version 
of emissions 
conversion 
coefficients 
(emissions 
factors) 
during 
2025 
from 
the 
Ministry 
of 
Environment 
and 
Energy, 
due 
to 
the 
new 
climate 
law 
4936/2022 
(Government 
Gazette 
105/A/ 27.05.2022), 
for operations 
in Greece, or relevant Laws in the 
countries where the 
Eurobank Group 
operates. 
The 
location-based 
method 
reveals 
what is 
physically 
emitted by 
the 
Group, 
while the 
market-based 
approach 
concerns 
residual emissions 
for 
which the 
Group 
does not 
procure 
Guarantees 
of Origin 
(GO’s). 95.66% 
of the 
Bank’s operations 
in 
Greece 
electric energy 
will be 
certified 
from 
Renewable 
Sources 
(Guarantees 
of Origin 
will be 
acquired during 
2025). The 
Bank’s have an annual Guarantee of Origins (GOs) contract 
with the electricity provider. 
The 
Group 
has 
identified 
the 
significant 
Scope 
3 
categories 
for 
its 
operational 
impact, 
by 
considering 
estimated 
GHG 
emissions 
alongside 
criteria 
outlined 
in 
the 
GHG 
Protocol 
Corporate 
Value 
Chain 
(Scope 
3). 
This 
identification 
process 
involved 
factors 
such 
as 
financial 
spend, 
influence, 
transition 
risks 
and 
opportunities, 
and 
stakeholder 
perspectives. 
The 
categories include: 
●
Employee commuting and homeworking 
●
Business travel (air-travel 
and hotel-stay) 
●
Transportation 
and Distribution 
●
Purchased Goods and Services 
●
Capital Goods 
●
Fuel and Energy related activities 
●
Waste disposal and Water 
consumption 
●
Cloud Computing Usage 
Scope 3 emissions totaled 
75,301 tCO
2
e for 2024. 
When a new category 
is added, the amount for 
that category is 
added to 
the previous 
year and the base year 
to normalise the baselines for comparison 
reasons. 
Assumptions applied 
Eurobank estimates 
Scope 1, 2, and 3 emissions by 
assuming that historical 
consumption patterns can 
predict future trends, 
allowing 
past 
data 
to 
guide 
current 
and 
future 
emissions 
estimates. 
This 
approach 
presumes 
consistency 
in 
usage 
over 
comparable 
periods, 
making 
it 
especially 
useful 
for 
stable 
operations. 
In 
the 
absence 
of 
historical 
data, 
Eurobank 
uses 
average 
consumption 
from 
the 
current 
year 
to 
project 
future 
usage, 
assuming 
that 
current 
performance 
can 
provide 
an 
accurate forecast. 
Where feasible, 
the Group 
utilises primary / source 
data for 
the relevant 
calculations, either 
from its own 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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sources 
or 
by 
acquiring 
them 
from 
its 
value 
chain 
stakeholders 
(i.e. 
suppliers). 
When 
those 
are 
not 
available, 
it 
employs 
estimations, assumptions and extrapolations 
that produce 
reasonable outcomes. 
These assumptions 
enable the 
Eurobank Group 
to maintain flexibility and accuracy 
in its emissions estimation, 
adapting to 
varying 
levels 
of 
data 
availability. 
By 
doing 
so, 
the 
Group 
supports 
its 
sustainability 
goals 
and 
ensures 
compliance 
with 
environmental 
reporting standards, providing 
a comprehensive view of its environmental 
impact. 
Perimeter of Estimation 
The emissions estimation 
process covers 
the entire Eurobank Group 
and its subsidiaries, aligning with the perimeter 
defined 
in the Group's Sustainability Statement. This approach 
ensures that all operations 
and activities are considered, providing a 
comprehensive view of Eurobank's 
environmental impact and supporting its commitment 
to sustainability. 
Contractual instruments 
Unit 
2024 
Contractual instruments used for 
the purchase of bundled energy 
with attributes about 
energy generation 
in relation to Scope 2 GHG emissions 
MWh 
32,282 
In 2024 the 
Bank continued 
to purchase green energy from 
Renewable Energy Sources (RES) with 
Guarantees of Origin (GOs). 
More specifically, 
32,282 MWh of electricity was sourced from renewable 
sources. 
Regarding 
its 
financed 
impact-related 
Scope 
3 
emissions, 
the 
Group 
calculates 
and 
discloses 
its 
financed 
emissions 
(category 
15) 
following 
the 
PCAF 
methodology, 
which 
is 
based 
on 
a 
revenue-based 
approach, 
with 
emission 
factors 
estimated 
for 
each 
sector 
and 
country 
through 
a 
multiregional 
input-output 
analysis 
framework. 
Note 
that 
reported 
emissions from Group’s counterparties have 
been used where available across Scope 1, 2 and 3. Where one or more reported 
scope categories 
were 
not disclosed / 
complete, the 
Group has 
incorporated 
estimated emissions 
according to its 
internal 
methodology, 
in line with the PCAF standard. 
More specifically, 
the Group utilises a waterfall 
approach for 
the calculation of the 
financed emissions: 
●
To 
the 
extent 
possible, 
published 
(reported) 
emissions 
of 
the 
counterparties 
are 
used. 
(Option 
1 
– 
Reported 
emissions) 
●
For sector D 35.11 
physical activity based emissions are reported (Option 
2 – Physical activity-based emissions) 
●
In 
all 
other 
cases 
the 
scope 
1, 
2 
and 
3 
emissions 
are 
calculated 
based 
on 
the 
economic 
activity 
data 
of 
the 
counterparty 
(i.e., 
EUR 
of 
revenue) 
and 
appropriate 
emission 
factors 
expressed 
per 
economic 
activity 
(e.g., 
tCO
2
e/million EUR output of the corresponding 
sector). (Option 3 – Economic activity-based emissions.) 
The Group 
calculates and monitors its financed emissions for 
the lending and investment portfolios 
within its Banking Book, 
while sectoral level financed emissions of its corporate lending portfolio, 
is the key method for developing 
targets to align its 
portfolio with climate transition pathways and set 
net zero targets. As 
a key step 
towards its commitment to 
align its portfolio 
with 1.5
o 
aligned transition 
pathways 
and set 
net zero 
targets, the 
Group 
is in 
the 
process 
of developing 
the 
first wave 
of 
sectoral financed emissions reduction 
targets, covering the 
Group’s lending portfolios, 
with the ultimate objective 
of setting 
2030 targets for 
the carbon intensive sectors of its portfolio 
and reaching Net Zero by 2050. 
Financed emissions 
is the 
most material 
Scope 3 category 
for 
the Group, 
accounting for 
> 99% of 
the total 
emissions, and 
are the basis for 
its sectoral decarbonisation action 
plan. 
The Group 
discloses financed emissions 
for the 
lending and investment 
portfolio 
based on counterparties' 
scope 1, 2, and 
3 
emissions, which total 28.5 
million tonnes of CO
2
 
equivalent (mtCO
2
e) for 2024. 
It's noted that fluctuations 
in total financed 
emissions are expected as companies refine their 
estimation methods and market practices 
evolve. 
Τhe table below presents the breakdown 
of the Group’s total 
financed emissions between lending and investment activities: 
Emission covered exposure 
(€mn)
Scope 1&2 (ktCO
2
e)
Scope 3 (ktCO
2
e)
Total emissions 
(ktCO
2
e)
Lending 
40,938 
6,799 
16,567 
23,367 
Corporate 
29,364 
6,440 
16,567 
23,007 
Retail 
11,574 
359 
- 
359 
Investments
23,155
2,647
2,470
5,117
Total 
64,093 
9,446 
19,037 
28,483 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The majority 
of the 
Group’s 
financed emissions come 
from its corporate 
portfolio 
lending, accounting for 
c.81% of the 
total, 
while Scope 3 financed emissions account for c. 87% 
of the total. 
Emission covered 
exposure (€mn)
Scope 1&2 (ktCO
2
e)
Scope 3 (ktCO
2
e)
Total emissions 
(ktCO
2
e)
A - Agriculture 
371 
388 
359 
747 
C - Manufacturing 
4,446 
1,975 
10,140 
12,115 
D - Energy 
2,800 
1,200 
216 
1,416 
F – Construction 
1,065 
63 
694 
757 
G - Wholesale and retail trade 
4,727 
1,262 
3,104 
4,366 
H - Transporting and storage 
5,645 
1,041 
1,155 
2,196 
I – Accommodation 
2,915 
102 
362 
464 
Other Sectors 
7,396 
409 
537 
946 
Total
 
29,364 
6,440 
16,567 
23,007 
Regarding 
the 
corporate 
portfolio, 
lending 
to the 
manufacturing 
sector has 
the 
biggest contribution, 
c. 53%, 
followed 
by 
wholesale and retail trade, c19%, and transportation, 
c. 9%. 
Total 
GHG Emissions 
ESRS Quantitative data / metric 
Unit 
2024 
Total GHG emissions 
(location-based) 
tCO
2
e 
28,589,386 
Total GHG emissions 
(market-based) 
tCO
2
e 
28,572,772 
Total net revenue
(3)
mn € 
3,341 
(3) 
In alignment with the “operating income” 
as disclosed in the consolidated income statement. 
In 2024, the Group’s GHG emissions amounted to 
28.6 mn tCO
2
e with financed emissions contributing >99% 
and operations-
related (Scope 1,2,3) emissions accounting for less than 1%. 
Unit 
2024 
GHG intensity per net revenue 
(location based) 
tCO
2
e/ mn € 
8,557 
GHG intensity per net revenue 
(market based) 
tCO
2
e/ mn € 
8,552 
GHG removals and GHG mitigation projects 
financed through 
carbon credits [E1-7] 
For 
operations-related 
emissions, 
following 
the 
Science-Based 
Targets 
initiative 
guidance, 
90% 
of 
the 
baseline 
year’s 
emissions will need to be reduced and the 
remaining 10% will be removed 
by purchasing Carbon Credits. Currently 
there are 
no plans 
to include 
Carbon Removals 
across 
Eurobank’ 
s value 
chain (upstream 
and downstream). 
As for 
Carbon Credits, 
they 
will 
only 
cover 
the 
remaining 
10% 
of 
emissions, 
complementing 
Eurobank’s 
carbon 
reductions 
across 
its 
value 
chain. 
Carbon 
Credits 
will 
not 
be 
used 
to 
show 
Carbon 
Reductions 
across 
Eurobank’s 
value 
chain 
and 
they 
will 
not 
impede 
its 
progress 
towards 
net-zero. 
Eurobank’s 
Carbon 
Credits 
are 
purchased 
from 
credible 
sources 
that 
follow 
the 
latest 
quality 
standards. 
2.3
Biodiversity and ecosystems [E4] 
2.3.1
Governance 
Eurobank 
acknowledges that 
it currently 
does not 
have a 
dedicated governance 
structure in 
place to 
address biodiversity 
conservation issues comprehensively. However, 
recognising the increasing importance of 
biodiversity in achieving sustainable 
development and mitigating environmental risks, Eurobank is committed to developing a robust governance framework. 
This 
framework 
will 
include 
clear 
policies, 
oversight 
mechanisms, 
and 
accountability 
structures 
to 
integrate 
biodiversity 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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considerations into its decision 
-making processes and business operations. 
The development 
of this governance 
structure is 
a priority, and Eurobank 
aims to establish it within a defined timeframe to align with emerging 
regulatory requirements and 
stakeholder expectations. 
Meanwhile, Eurobank engages regularly with its stakeholders, 
including environmental organisations, regulators, 
and clients, 
to stay informed about biodiversity 
issues and best practices. 
2.3.2
Strategy 
Material impacts, risks and opportunities and their interaction 
with strategy and business model [ESRS 
2 SBM-3] 
Based 
on 
the 
capability 
of 
the 
financial 
sector 
to 
influence 
the 
sustainable 
use 
of 
nature 
through 
its 
business 
activities, 
Eurobank is already 
taking appropriate steps to integrate 
biodiversity loss in 
its operations, 
by developing a 
corresponding 
response 
strategy and incorporating 
relevant provisions 
in its overall 
strategy and risk management framework. 
Eurobank 
is currently 
developing a 
model for 
integrating biodiversity 
considerations 
into its 
overall 
strategy, 
ensuring that 
its financing and investing activities do not have a negative effect 
on biodiversity and ecosystems and while also promoting 
activities that rehabilitate 
and restore ecosystems. 
Eurobank recognises 
that its physical 
operations 
have minimal effect 
on 
biodiversity and is thus developing 
a proportional approach. 
Eurobank’s strategic 
action plan around biodiversity 
will evolve 
around the following 
elements: 
●
Risk Assessment: Integrate comprehensive transaction assessments to identify 
and understand biodiversity risks and 
dependencies using tools like ENCORE. 
●
Sector 
Analysis: 
Focus 
on 
high 
and 
medium-risk 
sectors, 
such 
as 
agriculture, 
forestry, 
water 
supply, 
mining, 
and 
energy, 
and promote measures and financing that 
mitigates biodiversity impacts. 
●
Sustainable 
Finance: 
Promote 
and 
finance 
activities 
and 
projects 
that 
support 
biodiversity 
conservation, 
rehabilitation of ecosystems and sustainable use of natural 
resources. 
Considering the 
complexity of assessing the 
issue of biodiversity 
as a risk driver 
in relation 
to Eurobank’s 
business practices 
and own operations, given the fact that the 
relevant guidance in this field is currently under development, Eurobank is closely 
following several 
related initiatives 
and continues to build its 
skills and capacity, 
so as to ensure 
readiness to appropriately 
address such risks, upon the availability of more granular 
guidelines and methodologies in this respect. 
To identify 
business operations 
impacting biodiversity, 
the Group 
conducted a thorough 
loan portfolio 
analysis (materiality 
assessment) to identify the sectors most vulnerable 
to biodiversity loss. Utilising the ENCORE tool (Exploring Natural 
Capital 
Opportunities, Risks, 
and Exposure), 
the 
Group 
analyzed sector-specific 
dependencies and 
impacts related 
to biodiversity 
loss. 
The 
ENCORE 
tool 
facilitates 
the 
assessment 
of 
dependencies 
on 
biodiversity 
loss 
by 
exploring 
the 
ways 
in 
which 
economic activities rely on ecosystem services and natural capital. Based on the results, 
primary economic activities, such as 
agriculture and 
water supply, 
are significantly 
more dependent 
on ecosystem 
services 
than other 
economic activities, 
such 
as transportation. 
This 
is mainly 
because the 
production 
of agricultural 
products 
heavily relies 
on the 
use of 
groundwater, 
surface water, 
and animal pollination.
2.3.3
.
Impact, risk and opportunity management 
Description of processes to identify and assess 
material impacts, risks and opportunities [ESRS 2 IRO-1] 
Eurobank 
identifies 
material 
impacts, 
risks, and 
opportunities 
related 
to integration 
of 
sustainability in 
risk management 
through a comprehensive 
DMA. This approach integrates 
industry benchmarks, stakeholder insights, and financial relevance 
to ensure a robust evaluation 
of integration of sustainability in risk management impacts. 
During our Double materiality 
assessment, the 
following risk 
associated with Biodiversity 
and ecosystems matters has 
been 
identified: 
Direct impact drivers of biodiversity 
loss 
Risk 
Biodiversity loss due to clients’ operations 
may lead to financial and reputational damage. 
2.3.4 Policies and Actions 
Policies related 
to the integration 
of sustainability in risk management 
[MDR-P] 
Eurobank 
has developed 
a set of policies 
to guide its actions 
on biodiversity, 
ensuring that 
all business activities 
align with 
the Group's 
commitment to biodiversity 
conservation.
Eurobank is 
committed to engaging with 
stakeholders 
by ensuring a 
high level of 
accountability in policy 
development and implementation. Policies are approved by the appropriate Governance 
bodies 
such 
as 
the 
Board 
of 
Directors 
or 
specialized 
committees, 
which 
ensure 
that 
there 
is 
alignment 
with 
the 
Group's 
strategic goals and stakeholder 
interests. 
Eurobank main policies that 
incorporate biodiversity 
issues are: 
●
Environmental Policy 
Statement: Incorporates 
biodiversity 
considerations 
into environmental 
risk assessments 
and 
decision-making processes. 

 
 
 
 
 
 
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●
Sustainable 
Finance 
Framework: Guides 
the 
Group 
in 
aligning 
its 
financial 
activities 
with 
sustainability 
goals, 
including biodiversity 
conservation by 
defining specific criteria 
for projects 
that support biodiversity 
and excluding 
activities that might harm the environment. 
●
Sustainable 
Investment 
Framework: 
Guides 
investment 
decisions 
to 
support 
long-term 
environmental 
and 
social 
sustainability, including biodiversity 
conservation by developing 
criteria for investments 
that promote biodiversity. 
For 
more information 
regarding the 
dedicated policies 
please refer 
to: 2.2.4 Policies 
& Actions 
- Policies 
related to 
climate 
change mitigation and adaptation [E1-2] 
Actions related to 
the integration 
of sustainability in risk management 
[MDR-A] 
Based 
on 
the 
capability 
of 
the 
financial 
sector 
to 
influence 
the 
sustainable 
use 
of 
nature 
through 
its 
business 
activities, 
Eurobank is already 
taking appropriate steps to integrate 
biodiversity loss in 
its operations, 
by developing a 
corresponding 
response 
strategy 
and 
incorporating 
relevant 
provisions 
in 
the 
risk 
management 
framework. 
These 
actions 
have 
been 
embedded into the Group’s operating 
model in order to ensure that the Group has established actions on an ongoing basis: 
According 
to the 
Group’s 
Exclusion 
List, activities 
prohibited 
by 
the 
laws of 
the 
host 
country or 
international 
conventions 
concerning the protection 
of biodiversity or cultural 
heritage resources 
are excluded from financing. 
At 
the 
same 
time, 
the 
ESG 
Questionnaire 
that 
is 
used 
by 
the 
Group 
in 
the 
context 
of 
the 
borrowers’ 
creditworthiness 
assessment includes, inter alia, dedicated questions aiming 
to capture the biodiversity loss risk of the Group’s counterparties. 
Furthermore, a qualitative 
Risk Appetite Statement (RAS) has been introduced in relation 
to the environmental risk posed to 
biodiversity. 
Based on its exclusion list, the Group shall refrain from financing activities prohibited by 
host country legislation 
or international conventions relating 
to the protection 
of biodiversity resources. 
As 
per 
the 
Responsible 
Investment 
Policy 
document 
of 
Eurobank 
Asset 
Management 
MFMC, 
the 
Company 
integrates 
sustainability 
factors 
into 
the 
investment 
process. 
In 
particular, 
the 
sustainability 
analysis 
includes 
the 
assessment 
of 
environmental 
criteria (e.g. 
emissions of 
greenhouse 
gases, exposure 
to fossil 
fuel and 
water 
emissions) at 
the 
level 
of the 
companies in which the 
funds and portfolios 
invest. The 
events or conditions 
that may be responsible 
for a negative 
impact 
on the return 
of the fund/portfolio 
include environmental 
aspects (e.g. carbon emissions, 
water pollution, 
loss of biodiversity 
or damage to ecosystem). The specific sustainability factors considered may vary, as they depend on the 
specific investment 
strategy followed 
by each fund/portfol 
io. 
Also, through the Climate-Related & Environmental Risks’ Materiality Assessment 
has as main 
objective to outline the general 
methodological approach 
by which the Group 
assessed the materiality of the 
sustainability risks, including biodiversity 
loss, 
and to demonstrate the exercise's 
results. 
2.3.5 Metrics & Targets 
Biodiversity metrics [MDR-M] 
Eurobank is currently in the process 
of developing and monitoring biodiversity risk indicators through the ENCORE tool which 
classifies sectors 
into five 
levels: 
Very 
Low, 
Low, 
Medium, High, 
and Very 
High. To 
enhance 
its approach, 
Eurobank 
initially 
created 
a numerical five-level 
scale, where 
0 represents Very 
Low, 1 represents 
Low, 2 represents 
Medium, 3 represents High, 
and 4 represents Very High. For 
each subsector, the maximum score from 
each subcategory of ecosystem services presented 
by the ENCORE tool was used. The average 
of these maximum scores for each subcategory was then calculated, 
followed 
by 
the average 
per Level 1 NACE sector. 
The final scores for 
each Level 1 NACE sector were 
categorized as follows: 
●
0-1: Minor, 
●
1-2: Low, 
●
2-3: Medium, 
●
3+: High. 
Biodiversity targets [MDR-T] 
Eurobank is currently 
in the process of developing 
specific targets related to biodiversity 
conservation. This initiative 
aims to 
establish clear, measurable goals that will guide the Group's efforts in mitigating biodiversity risks and enhancing its positive 
impact on ecosystems. By setting these targets, Eurobank seeks 
to ensure accountability and transparency in its biodiversity 
strategy, 
aligning 
its 
operations 
with 
global 
sustainability 
standards 
and 
contributing 
to 
the 
preservation 
of 
natural 
resources for 
future generations. 
2.4
Integration of sustainability in risk 
management [Entity-specific] 
2.4.1
Governance 
The role 
of the administrative, 
management and supervisory bodies [ESRS 2 GOV 
-1] 
The Group applies a model of defined roles and responsibilities regarding 
the management of Sustainability risks across the 
Three lines of defense, 
shaped by the European Central Group's Single Supervisory Mechanism (SSM) 13 expectations related 
to climate-related and environmental 
risksand considering all relevant guidelines 
and regulatory requirements: 

 
 
 
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●
1st line 
The Business Units (CIB and Retail Banking) are responsible for assessing, managing and monitoring risk levels in all 
risk 
categories, 
including 
Sustainability 
risks. 
The 
CIB 
Sustainability 
Center 
of 
Excellence 
and 
the 
Retail 
Banking 
sustainability 
coordinators, 
are 
responsible 
for 
undertaking 
all 
relevant 
sustainability 
and 
sustainable 
finance 
activities. In addition, the role of the 
Group Sustainability Unit in the 1st 
line includes the responsibility for managing 
and coordinating 
sustainability strategy 
related 
issues, the 
development 
of action 
plans for 
the 
Group's Net 
Zero 
portfolio 
strategies, 
the 
facilitation 
of 
the 
Sustainability 
data 
framework 
development, 
as 
well 
as 
Sustainability 
Reporting, 
Environmental 
& Energy 
Reporting (EMAS 
Report, 
Greenhouse 
Gases Emissions 
Report 
per 
ISO14064) 
and Sustainability ratings. 
●
2nd line 
The Group 
Risk Management 
(GRM) is independent 
from the 
Business Units and 
is fully responsible 
for setting 
the 
risk 
strategy 
and 
risk 
appetite 
framework, 
including 
sustainability 
risks. 
Within 
the 
GRM, 
a 
dedicated 
Group 
Sustainability Risk 
(GSR) unit 
has been 
established, with 
the 
overall 
responsibility for 
overseeing, 
monitoring and 
managing sustainability risks and sustainable financing 
activities, in cooperation 
with the 
other 
GRM Units, as well 
as with Group Compliance. 
●
3rd line 
The Group 
Internal Audit 
(Group IA) 
independently reviews 
the adequacy 
and effectiveness 
of the 
internal control 
framework 
in place regarding Sustainability risk management, following 
a risk-based approach. 
For more information, 
please refer to: 1.3.1 
The role 
of the administrative, 
management and supervisory bodies ESRS 2 GOV-
1] 
The 
GSR has 
the 
overall 
responsibility 
for 
overseeing, 
monitoring and 
managing sustainability 
risks. More 
specifically, 
the 
GSR 
prepares 
and 
maintains 
the 
Group’s 
Sustainability 
risk 
management 
policies, 
processes 
and 
methodologies, 
in 
collaboration 
with the 
Group Sustainability Unit 
and the Business 
and Risk Units. In 
addition, it leads the 
development and 
implementation of the 
Sustainability risk-related framework, 
policies and processes, in coordination 
with other 
units, as well 
as acts, monitors and reports 
the progress 
of the implementation 
of the developed 
Climate Risk action 
plan and reports to 
the Board for Sustainability risks matters. In addition, the GSR reviews and challenges 
the involved stakeholders as to setting 
the Financed Impact 
Strategy (including Net 
Zero targets), as 
well as monitors the 
Financed Impact Strategy 
(including Net 
Zero) and reports financial targets and KPIs. The GSR also 
leads the 2nd line independent sustainable lending 
re-assessment 
process against the Sustainable Finance Framework criteria, including the characterization 
of products of the Retail Portfolio 
as sustainable. 
Reviews 
and confirms 
the 
Risk Assessment 
and challenges 
the 
mitigating 
actions 
(as per 
pre-determined 
thresholds). Furthermore, 
the GSR develops and maintains the Climate Risk Stress Testing Framework, as well as the scenario 
analysis 
and 
stress 
testing 
methodologies, 
and 
coordinates 
the 
performance 
of 
sustainability 
risk 
scenario 
analysis 
and 
relevant stress test exercises 
at Group level. 
Also, Eurobank enhanced its Governance 
Structure and Committees to support the integration 
of Sustainability risks: 
●
Oversight 
of 
sustainability 
risks 
at 
management 
body 
level 
through 
allocation 
of 
responsibilities 
to 
Board 
and 
management 
committees. 
Specifically, 
Chairman 
of 
the 
SMC 
is 
the 
Deputy 
Chief 
Executive 
Officer, 
Group 
Chief 
Operating Officer 
(Group COO) & International Activities. 
●
A Board Member is responsible for 
climate-related and environmental 
risks. 
●
Establishment 
of 
2 
Committees 
that 
supplement 
the 
governance 
arrangements 
in 
sustainability 
risk, 
i.e. 
Sustainability Management Committee and Climate Risk Stress Test 
Committee. 
●
Appointment of Group Senior Sustainability Officer 
to lead the Group’s 
sustainability initiatives. 
For more information 
please refer to :
1.3.1 The role 
of the administrative, management and supervisory bodies [ESRS 2 GOV-
1] 
2.4.2
Strategy 
Material impacts, risks and opportunities and their interaction 
with strategy and business model [ESRS 
2 SBM-3] 
Eurobank’s strategy, 
climate transition plan ( as described in Chapter: 2.2.2) 
and business model are closely integrated with 
its 
Sustainability 
Risk 
Management 
Framework, 
which 
includes 
robust 
risk 
management 
processes 
and 
tools. 
Eurobank 
actively 
evaluates 
the 
impact 
of 
climate 
scenarios 
on 
its 
counterparties, 
helping 
to 
identify 
climate 
transition 
financing 
opportunities while ensuring resilience 
to evolving 
environmental and 
regulatory risks. This 
integration 
of sustainability into 
the bank's 
risk management 
practices 
strengthens 
its competitive 
position by 
enabling proactive 
engagement with 
clients 
on sustainability-related matters. 
It also aligns with regulatory expectations (i.e. 
SSM’s 13 expectations on the management 
climate-related 
and environmental 
risks) and supports 
the 
identification and 
mitigation 
of potential 
financial losses linked 
to sustainability risks. 
Eurobank’s 
risk 
management 
tools 
ensure 
comprehensive 
assessment 
and 
monitoring 
of 
sustainability 
risks 
across 
its 
portfolio. While the integration of sustainability 
factors may require clients 
to provide additional data 
and meet sustainability 
requirements, 
these 
measures 
safeguard 
Eurobank 
against 
potential 
risks 
that 
could 
affect 
its 
market 
perception 
and 
business model. 
By embedding 
sustainability considerations 
into its 
risk management 
processes, 
Eurobank 
not only 
meets 
regulatory 
obligations 
but 
also 
enhances 
its 
long-term 
resilience 
and 
sustainability, 
securing 
a 
competitive 
edge 
in 
the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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marketplace. This dual approach 
of addressing risks and leveraging 
opportunities ensures that Eurobank’s 
strategy remains 
aligned with both its business model and its commitment 
to sustainable growth. 
Sustainability Risk 
management 
accounts for 
regulatory 
guidelines and 
expectations, 
such as 
ECB and 
EBA guidelines 
on 
Climate-related environmental 
risks, as well as the market practices. The 
Group has developed an implementation roadmap 
in alignment 
with the 
SSM’s 13 expectations 
on climate-related 
and environmental 
risks. For 
more information 
please refer 
to the 
Consolidated Pillar 3 Report - 11.1.3 
Risk Management
. 
2.4.3
Impact, risk and opportunity management 
Description of processes to identify and assess 
material impacts, risks and opportunities [ESRS 2 IRO-1] 
Eurobank 
identifies 
material 
impacts, 
risks, and 
opportunities 
related 
to integration 
of 
sustainability in 
risk management 
through a comprehensive 
DMA. This approach integrates 
industry benchmarks, stakeholder insights, and financial relevance 
to ensure a robust evaluation 
of integration of sustainability in risk management impacts. 
Nevertheless, 
for 
the 
identification 
and 
assessment 
of 
sustainability 
risk 
management 
the 
Group 
has 
developed 
comprehensive processes 
that include RIMA, 
Risk appetite framework, 
and ICAAP. 
For more 
information, please 
refer to the 
Consolidated 
Pillar 
3 
Report 
- 
11.1.3 
Risk 
Management
 
and 
TCFD 
Climate 
- 
related 
& 
Environmental 
Risk 
Report 
(Risk 
Management)
. 
The impacts, risks and opportunities associated with the integration 
of sustainability in risk management matters are shown 
in the table below: 
Integration of sustainability in risk 
management 
Impact 
Negative 
Potential 
The ESG / climate risk assessment may require 
additional effort by 
the clients in 
order to provide 
required ESG data and may result in additional conditions 
to 
comply with for financial agreements. 
Risk
Client hesitance or inability to meet sustainability requirements 
may impact 
Eurobank's market perception, 
potentially affecting its competitive 
position and 
leading to additional risks. 
Opportunity
Integrating ESG in risk management in response 
to evolving regulatory 
requirements 
and business needs improves 
Eurobank's resilience 
to sustainability-related risks, 
safeguarding Eurobank 
against potential financial losses, strengthening its overall 
risk management framework. 
2.4.4
Policies and Actions 
Policies related to the 
integration of sustainability 
in risk management [MDR-P] 
Eurobank 
has 
incorporated 
sustainability 
risk 
aspects 
across 
all 
pillars 
of 
its 
Risk 
Management 
Framework, 
through 
the 
establishment of 
comprehensive 
policies and 
processes. 
It is 
among the 
Group’s 
priorities to 
identify, 
assess, manage 
and 
mitigate relevant risks, with a view 
towards ensuring alignment with its business strategy, 
as well as regulatory and industry 
developments. 
Group Risk Management Framework 
(RMF) and Sustainability Risk Management Policy 
The Group 
Risk Management Framework 
defines the roles and responsibilities 
of the Group Risk Management (GRM), which 
is 
independent 
from 
the 
Business 
Units 
as 
a 
2nd 
line, 
having 
full 
responsibility 
for 
the 
establishment 
of 
the 
Group’s 
Risk 
Strategy and Risk Appetite 
Framework, as well as for monitoring all risks assessed as 
material through the Risk Identification 
and Materiality Assessment (RIMA) process, 
including climate-related and environmental 
risks undertaken by the 
Group. For 
more information please 
refer to the 
Group’s “TCFD 
Climate - related & Environmental 
Risk Report
”. 
In 
accordance 
with 
relevant 
supervisory 
expectations 
and 
the 
Group’s 
enhanced 
governance 
operating 
model 
for 
the 
incorporation of 
sustainability risks across 
the Three 
lines of defense, new 
roles and responsibilities 
regarding sustainability 
risk management have 
been embedded into the Group 
Risk Management Framework. 
In addition, Eurobank 
has developed 
its Sustainability 
Risk Management 
Policy, 
which aims 
at fostering 
a holistic 
understanding 
of the 
effects 
of sustainability 
risks 
on 
its 
business 
model, 
as 
well 
as 
supporting 
decision-making 
regarding 
these 
matters 
and 
providing 
a 
robust 
governance under 
its Risk Management Framework. 
Collateral Valuation 
Policy 
Eurobank 
has refined 
its Collateral 
Valuation 
Policy 
(CVP) to 
specify accepted 
collateral 
types and 
valuation 
procedures, 
while integrating assessments of climate-related 
and environmental risks. This involves 
collecting pertinent information 
such 
as Energy 
Performance 
Certificates 
(EPCs) 
and incorporating 
forward-looking 
estimates 
of natural 
hazards. 
The 
updated 
Policy 
will also 
consider broader 
climate-related 
and environmental 
factors, such 
as waste 
management and 
accessibility, 
to enhance valuation accuracy and risk management. 

 
 
 
 
 
 
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Credit Policy Manual 
The 
Group’s 
credit policy 
manual has 
been updated 
to integrate 
sustainability-related 
risks by 
incorporating 
climate 
and 
environmental factors 
into credit risk management practices, 
aligning with the SSM's expectations. 
Group Environmental 
and Social Policy 
In this 
context, the 
Group has 
developed 
an Environmental 
and Social Policy 
that sets 
the framework 
of general 
principles 
and requirements 
for 
managing environmental 
and social 
issues. Through 
the 
Environmental 
and Social 
Policy, 
the 
Group 
achieves and maintains compliance 
with existing national 
and international environmental and social 
legislation/regulations, 
as well as with its commitments, through a standardised 
E&S assessment approach. Furthermore, 
the objective of the 
Policy 
is, 
inter 
alia, 
to ensure 
timely 
and accurate 
reporting 
to 
the 
European 
Bank for 
Reconstruction 
and 
Development 
(EBRD) 
concerning the management 
of the Group ESMS. 
As part of its Environmental and Social Policy, 
Eurobank maintains a list of activities that are excluded from 
financing, in line 
with the exclusion lists 
of the EBRD. For all 
financing transactions, the Group ensures that 
its clients 
demonstrate an organised 
and 
systematic 
approach 
to 
E&S 
risk 
management 
that 
complies 
with 
applicable 
local, 
national 
and 
international 
environmental, 
health 
and 
safety, 
and 
labour 
legislation 
and 
standards, 
relevant 
permits, 
as 
well 
as 
public 
disclosure 
requirements. 
The ESMS process 
consists of client/activity environmental and social risk screening, 
risk assessment process, decision 
of risk 
control approach 
and ongoing performance 
monitoring. 
Know-Your-Customer 
(KYC) and Anti-Money Laundering/Terrorist 
Financing (AML/TF) policies and processes 
Eurobank has established Know 
-Your-Customer 
(KYC) and Anti-Money Laundering/Terrorist 
Financing (AML/TF) policies and 
standards, which 
are designed 
to provide 
safeguards against, 
inter alia, 
fraud and 
cooperation 
with clients 
with increased 
financial crime risk (i.e. risk of involvement 
in money laundering and terrorist 
financing). 
Within the scope of customer KYC profiling, Eurobank applies enhanced due diligence measures upon establishing a business 
relationship and 
when carrying 
out transactions 
with natural 
or legal persons/entities who 
are classified as 
high-risk as per 
Eurobank’s relevant 
internal processes. 
Climate Risk Stress Test 
Framework 
The 
Framework 
provides 
a transparent 
and repeatable 
process 
for 
designing and executing 
the 
climate risk 
stress test, 
as 
well as for reporting 
and evaluating stress test outcomes and determining 
management actions.
For more information, 
please refer to 
Consolidated Pillar 3 Report - 11.1.3 Risk Management
 
and 
TCFD Report- 
Sustainability 
Risk Management Tools 
& Processes
. 
Actions related to the integration 
of sustainability in risk management [MDR-A] 
The Group has developed the following processes and tools for the monitoring and management of 
sustainability risks. These 
processes have been embedded into the 
Group’s operating 
model and are performed 
on an ongoing basis in the context of 
continuous sustainability risk management: 
Risk Identification and Materiality Assessment 
(RIMA) process 
The Risk Identification and Materiality Assessment (RIMA) process sets the appropriate mechanisms to identify, measure and 
monitor risks at 
an early 
stage, as well 
as to manage 
their potential 
impact on the 
achievement 
of the 
Group’s 
objectives. 
Through the 
RIMA process, the Group 
identifies material risks that could potentially have a significant adverse 
impact on its 
financials, capital base, liquidity position or business model, as well 
as any exposure to possible emerging risks. 
As sustainability risks 
interact with other risks and result in direct 
distributional impacts and indirect 
macroeconomic impacts, 
the 
Group 
understands 
that 
careful 
consideration 
of 
the 
cross-cutting 
nature 
thereof 
is 
necessary 
to 
ensure 
the 
optimal 
implementation 
of adaptation 
activities. As 
such, the 
Group 
considers 
sustainability risks 
as drivers 
of existing 
risk types, 
undertaking 
a 
holistic 
and 
systemic 
approach 
when 
examining 
the 
complex 
links 
between 
sustainability 
risks 
and 
both 
financial 
and 
non-financial 
risks. 
Eurobank 
has 
integrated 
sustainability 
risk 
elements 
into 
its 
existing 
risk 
management 
processes, creating additional 
procedures, policies 
and tools so that these risks can be properly 
identified and measured. 
Sustainability
Risk
Data 
The 
Group 
recognises 
the 
importance 
of 
relevant 
and 
reliable 
data 
for 
the 
provision 
of 
meaningful 
insights, 
suitable 
for 
decision-making purposes. Having already performed an assessment of sustainability data availability in its internal systems 
against 
regulatory 
requirements/expectations, 
the 
Group 
continues 
to 
enhance 
its 
sustainability 
risk 
data 
aggregation 
capabilities and 
IT infrastructure 
accordingly, 
while also using 
appropriate 
controls 
and safeguards 
to ensure 
the accuracy 
and 
completeness 
of 
the 
compiled 
information. 
The 
Group 
seeks 
to 
further 
improve 
sustainability 
risk 
data 
granularity 
through allocating detailed roles and responsibilities, for the purposes of 
sustainability data management and implementing 
approaches for 
addressing data needs 
(i.e. engaging with external 
data providers, 
developing methodological 
approaches 
for estimating required 
information). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS / SUSTAINABILITY STATEMENT 
 
64
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Page 
Risk appetite 
The 
Group 
articulates its 
risk appetite 
through 
a set 
of qualitative 
and quantitative 
statements with 
respect to, 
inter alia, 
solvency, 
liquidity, profitability, 
asset quality and 
other 
areas related 
to material 
risks. The 
purpose of these 
indicators and 
thresholds 
is 
to 
facilitate 
the 
assessment 
of 
whether 
the 
Group 
is 
operating 
within 
its 
defined 
risk 
appetite 
levels. 
The 
outcome of 
this process 
is the 
Risk Appetite 
Statements (RAS) 
document, whereas 
the principles, 
process 
and governance 
aspects related to the 
RAS are outlined 
in the Risk 
Appetite Framework (RAF). The RAS are complemented 
by a set 
of Business 
Line Statements (BLS), which constitute operational 
metrics (and limits) at the business level 
where the risks are 
undertaken. 
Moody’s Risk Analyst (MRA) model 
The Group’s MRA Model assesses the CIB borrowers’ 
credit profile based on qualitative and quantitative criteria. Specifically, 
the “Risk of Adverse Events” criterion assesses a client’s vulnerability to adverse developments or business interruptions, fines, 
litigation and negative publicity, stemming, among others, 
from environmental parameters 
and social issues (e.g. health and 
safety of customers). 
Climate Risk Scorecard 
In line 
with leading 
market practices, 
as well 
as taking 
into account 
supervisory requirements/expectations 
with regard 
to 
establishing an approach for further assessing clients with 
higher climate risk exposure, the Group has 
developed the Climate 
Risk Scorecard for 
considering climate-related and environmental 
risks. 
In this context, an assessment 
process based 
on the Climate 
Risk Scorecard 
is performed 
for all new 
financing transactions, 
limit increases and limit renewals (existing and new clients), initially applied to the Group’s 
Corporate & Investment Banking 
(CIB) 
portfolio. 
The 
Climate 
Risk 
Scorecard 
comprises 
a 
modular 
questionnaire 
which 
includes 
targeted 
climate 
risk 
and 
sustainable financing related questions, both qualitative and quantitative, capturing the following key dimensions: transition 
risk, taxonomy aligned activities, 
physical risk, sustainable financing, emissions, 
strategy, 
climate & environmental 
incidents, 
transition-green technology. 
Interbank ESG Questionnaire 
In recent years, the banking sector has faced 
increased regulatory focus on ESG matters. Banks are now required 
to improve 
their credit 
risk assessment 
processes 
to better 
identify and evaluate 
climate-related 
and environmental 
risks. In response, 
the Hellenic 
Bank Association 
(HBA) and 
major Greek 
banks have 
launched an 
initiative 
to create 
a unified 
Interbank ESG 
Questionnaire 
for 
their 
clients. This 
questionnaire 
aims to 
standardize the 
assessment 
of ESG 
factors 
across 
Greek banks, 
ensuring compliance with regulatory expectations and international guidelines (e.g., EBA Guidelines, ECB's 
climate risk guide, 